Total Energies has halted a planned investment in Adani Group’s $50 billion hydrogen project pending an audit in response to allegations made by a US short-seller, according to Patrick Pouyanne, CEO of the French oil giant.
While the partnership with the French conglomerate to take a 25% stake in the Adani Group’s hydrogen venture was announced in June last year, Total Energies has yet to sign a contract, according to Pouyanne during an earnings call.
‘We require clarification.’
“It makes no sense to add more (projects) until we have clarity. “Adani must respond to the allegations,” he said.
Total Energies is one of the biggest foreign investors in Adani’s business empire and had previously taken stakes in the group’s renewable energy venture, Adani Green Energy Ltd, and city gas unit Adani Total Gas Ltd.
