8 Feb 2023
By Reuters

Adani hits the pause button on green hydrogen, will invest only after 2026

TotalEnergies (TTE) has not yet signed a contract, announced last year, to extend its partnership with India’s Adani to the production of green hydrogen, the chief executive of the French oil major said Wednesday.

Patrick Pouyanne told reporters the company was waiting for the result of an audit launched by the Indian conglomerate in response to allegations of financial irregularities by Hindenburg Research.

“It was announced, nothing was signed. It doesn’t exist,” Pouyanne said, referring to the new hydrogen venture. “Mr Adani has other things to deal with now, it’s just good sense to pause things while the audit goes forward.”

Pouyanne said TotalEnergies was “not in charge” of the financial health of Adani Group, with which it has a number of joint ventures.

He said the stakes held by TotalEnergies in Adani Total Gas and Adani Green Energy were still worth more than when the French company purchased them.

“Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times more. Our accounting is healthy, there was due diligence before and due diligence after,” he said.

He added that Adani had not requested financial support from TotalEnergies for existing projects.

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