“TotalEnergies Halts Participation in Adani Group’s $50 Billion Hydrogen Project Pending Audit Results”
French energy giant TotalEnergies has announced that it will put its participation in Indian conglomerate Adani Group’s $50 billion hydrogen project on hold. The decision was made in response to allegations of accounting and financial fraud levelled by US short-seller Hindenburg Research, which prompted Adani Group to launch an internal audit. TotalEnergies, with a $3.1 billion exposure in Adani Group, will wait for the results of the audit before proceeding with its participation in the project.
As per the June 2022 agreement, TotalEnergies was to take 25% equity in Adani New Industries Ltd (ANIL), the Adani Group firm that is investing in the green hydrogen ecosystem. The project is set to have an initial production capacity of 1 million tonnes before 2030.
“Obviously, the hydrogen project will be put on hold until we have clarity,” said TotalEnergies CEO Patrick Pouyanne. He added that the partnership with Adani Group was only announced in June 2022 and no contract has been signed yet.
Adani Group has denied the allegations, calling them malicious and an “attack on India”. Despite the allegations, TotalEnergies is committed to waiting for the results of the audit before proceeding with its participation in the project.
In conclusion, the partnership between TotalEnergies and Adani Group’s $50 billion hydrogen project remains uncertain, with the outcome of the audit determining the future of the venture.
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