TotalEnergies pauses on new deal with Adani

TotalEnergies (TTE) has not yet signed a contract, announced last year, to extend its partnership with the Indian Adani to the production of green hydrogen, the general manager of the French oil major said on Wednesday.

Patrick Pouyanne told reporters the company was awaiting the outcome 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 common sense to take a break while the audit progresses.”

Pouyanne said TotalEnergies was “not responsible” for the financial health of the 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 bought them.

“Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times as much. Our accounting is sound, 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.