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Total Makes $600 Million Bet on India Gas With Adani Stake

  • French energy major to buy share of more than 37% in Adani Gas
  • Deal value includes Total’s sale of Indian terminal to Shell
A Total SA oil drum at SPIEF in Saint Petersburg, Russia.

A Total SA oil drum at SPIEF in Saint Petersburg, Russia.

Photographer: Andrey Rudakov/Bloomberg
Updated on

French energy giant Total SA is spending $600 million to expand its presence in one of the world’s fastest-growing natural gas markets.

Total agreed to purchase a 37.4% stake in India’s Adani Gas Ltd., a distributor of the fuel that’s developing import terminals and a national chain of vehicle-filling outlets. The deal gives the French company a footprint in a market where annual liquefied natural gas demand will hit 28 million tons by 2023, making it the fourth-biggest importer of the fuel, according to BloombergNEF.