The CEO of the French oil giant TotalEnergies stated that the company has yet to finalize a deal to continue its relationship with the Adani Group for the creation of green hydrogen, which was first announced last year by the company.
The collaboration to buy a 25% stake in billionaire Gautam Adani’s $50 billion hydrogen project has been postponed, according to France’s TotalEnergies.
In response to claims of financial irregularities made by Hindenburg Research, Patrick Pouyanne told reporters that the firm was awaiting the findings of an audit the conglomerate had conducted.
CEO Patrick Pouyanne stated, “This project was announced, but nothing has been signed…and it won’t be signed for the time being.” He continued, “Until there is clarity” regarding the claims made by Hindenburg Research, it makes no sense to add further [projects].
“Adani has other issues to handle right now; it makes logical to put things on hold while the audit is ongoing.” The financial stability of the Adani group, with whom it has several joint ventures, was “not in charge,” according to Pouyanne of TotalEnergies.
According to him, TotalEnergies’ ownership interests in Adani Total Gas and Adani Green Energy are still worth more today than when the French company first bought them.
“Adani Green and Adani Gas are still worth twice as much as what we spent on each. Due diligence was performed both before and after, and our accounting is sound,” he stated.
