TotalEnergies has entered into an agreement with Adani Enterprises Limited (AEL) to acquire a 25% interest in Adani New Industries Ltd. (ANIL), said Globalhydrogenreview.
ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialisation of green hydrogen in India. ANIL will target a production of 1 million t of green hydrogen per year (Mtpa) by 2030, underpinned by around 30 GW of new renewable power generation capacity, as its first milestone.
In order to control green hydrogen production costs, ANIL will be integrated along the value chain, from the manufacturing of equipment needed to generate renewable power and produce green hydrogen, to the production of green hydrogen itself and its transformation into derivatives, including nitrogenous fertilizers and methanol, both for the domestic market and export. To start with, ANIL intends to develop a project to produce 1.3 Mtpa of urea derived from green hydrogen for the Indian domestic market, as a substitution to current urea imports, and will invest around USD5 billion in a 2 GW electrolyser fed by renewable power from a 4 GW solar and wind farm.
This partnership is based on the remarkable complementarity of the two companies. Adani's portfolio will contribute its deep knowledge of the Indian market, execution capabilities, and operations and capital management excellence. TotalEnergies will offer its thorough understanding of the global markets, expertise in renewable technologies and large-scale industrial projects, and financial strength, enabling ANIL to lower its financing cost. The partners' complementary strengths will help ANIL deliver the largest green hydrogen ecosystem in the world, which will enable the lowest green hydrogen cost to the consumer.
The investment in ANIL marks another major step in the strategic alliance between TotalEnergies and Adani Group – India’s leading energy and infrastructure platform – whose operations across India include LNG terminals, gas utility business, renewable power generation, and now green hydrogen production. It will amplify the key role that TotalEnergies and Adani intend to play in the energy transition, and in helping India decarbonise its mobility, industry, and agriculture, while also contributing to the country’s energy independence.
As per MRC, TotalEnergies' Leuna refinery in eastern Germany is reducing its intake of Russian crude oil via the Druzhba pipeline as it has started working on a supply solution via the Polish port of Gdansk. Druzhba feeds not just Leuna but also the PCK Schwedt refinery, majority-owned by Russia's Rosneft. Poyanne said Russian oil use in May had fallen to filling 555,000 tons of refinery capacity at the plant, down from 900,000 tons last October, and 800,000 tons in February.
mrchub.com