Total Adani Fuels Marketing Pvt Ltd will soon be seeking government permission to launch retail fuel stations in India. Total Adani Fuels Marketing Pvt Ltd is a joint-venture by India's Adani Gas and France's Total. The joint venture will apply for a license under the new liberal fuel retailing rules shortly.
India, the world's third biggest oil consumer and importer, has become a lucrative market for global oil majors after the government removed controls on the retail pricing of gasoline and gasoil. The government has also relaxed rules for setting up fuel stations in the country.
Suresh Manglani, Chief Executive Officer, Adani Gas, said, “Definitely, we will take full benefit of the expertise and strength of Total. The intent was to become a full-service operator, providing a multi-fuel offering.”
In India, the fuel demand will likely rise in the coming years as Prime Minister Narendra Modi pushes for Asia's third largest economy to grow from $2.9 trillion of gross domestic production in 2019 to $5 trillion by 2025. Narendra Modi aims to raise share of gas in India's energy mix to 15% by 2030 from the current 6.2%.
In 2019, Total acquired a 37.4% stake in billionaire Gautam Adani-promoted Adani Gas for capitalising on the country's push for cleaner sources of energy. Adani Gas was focused on selling gas to industry and households so far, but now it also wants to sell liquefied natural gas (LNG) for transportation.