Source: Business Standard, Oct 14, 2019
Total agreed to purchase a 37.4 per cent stake in India’s Adani Gas Ltd., a distributor of the fuel that is developing import terminals and a national chain of vehicle-filling outlets. Total said in a statement that the acquisition will cost about $600 million taking into account its divestment in another Indian LNG terminal earlier this year.
The deal will give Total access to India’s natural gas market and support its drive to become one of the world’s top LNG players. India’s annual LNG demand will hit 28 million tons by 2023, making it the world’s fourth largest importer of the fuel, according to BloombergNEF. Read the rest of this entry »