Total energy (TTE) has yet to sign a contract, announced last year, to expand its partnership with India Adani to the production of green hydrogen, the chief executive of the major French oil company said on Wednesday.
Patrick Pouyanne told reporters that the company is waiting audit results brought by the Indian corporation in response to allegations of financial irregularities by the Hindenburg’s study.
“It was announced, nothing was signed. It doesn’t exist,” Pouyanne said, referring to the new hydrogen venture. “Now that Mr. Adani has other things to deal with, it’s good to put things on hold while the audit continues.”
Pouyanne said TotalEnergies is “not responsible” for the financial condition of the Adani Group, which has several joint ventures.
He said the shares TotalEnergies holds in Adani Total Gas and Adani Green Energy are still worth more than when the French company bought them.
“Adani Green is still worth twice our investment, Adani Gas is still worth eight times. Our accountants are sound, with due diligence first and due diligence later,” he said.
He added that Adani had not requested financial support from TotalEnergies for current projects.
