• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 days Does Toyota Know Something That We Don’t?
  • 3 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 12 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 12 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 11 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 23 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 12 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Anti-Oil Activists Shift Focus to Insurers

Anti-Oil Activists Shift Focus to Insurers

Activists have also started attacking…

Total Puts Investment In $50 Billion Hydrogen Project On Hold

French TotalEnergies is putting on hold its plans to take a 25% stake in embattled Adani Group’s $50-billion hydrogen project, pending what it has called “clarity” over recent allegations that have caused Adan’s stock to plunge and even led to anti-government street protests in India.  

As one of Adani’s biggest foreign investors with existing stakes in Adani’s gas and renewable energy companies totalling over $3 billion, TotalEnergies’ CEO Patrick Pouyanné said during an earnings call that “it makes no sense to add more [projects] until there is clarity. Adani has to explain the allegations”.

TotalEnergies, in June 2022, announced it would take a 25% equity in Adani New Industries ltd (ANIL), which would invest $50 billion over a decade in a green hydrogen project that planned to produce 1 million tonnes of green hydrogen before 2030. 

A short seller report has accused Adani of various fraudulent practices, resulting in the Adani companies losing tens of billions of dollars when investors exited in a panic. The report also led Adani Group to cancel a $2.5-billion share offering.

The incident has also led to protests in India, with hundreds of opposition party demonstrators taking to the street in New Delhi, calling on Prime Minister Narenda Modi to order an investigation into the Adani Group.  

On Monday, the Adani Group said its major investors had pledged to prepay $1.1 billion in share-backed loans that mature in September 2024, leading to a 9% jump in one Adani stock, Adani Ports & Special Economic Zone.

TotalEnergies has shares in Adani Green Energy Ltd and city gas unit Adani Total Gas Ltd. With respect to its existing investments in Adani, Pouyanne said in the latest earnings call that the investments are performing well, with “healthy” assets and revenue. 

By Charles Kennedy for Oilprice.com 

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News