France's TotalEnergies puts hydrogen partnership with Adani on hold

TotalEnergies has not yet signed a contract announced last year to extend its partnership with the Adani Group for the production of green hydrogen, the chief executive of the French oil major said on Wednesday.
 

Patrick Pouyanne told reporters the company was waiting for the result of an audit launched by the 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.
 

“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 whom 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.