Latest news with #GujaratStatePetroleumCorporation
Time of India
3 days ago
- Business
- Time of India
India emerges as key market for LNG, ranks fourth globally in 2024: TotalEnergies CEO
Paris: India is becoming an increasingly important market for liquefied natural gas (LNG) and was ranked number four in the world in 2024, said Patrick Pouyanne , Chairman and CEO of TotalEnergies. He made these remarks during an exclusive conversation with in Paris, France. Pouyanne shared insights into the French energy giant's expanding presence in India, highlighting that TotalEnergies has invested nearly USD 5 billion in the country over the last five years. He said, "India is becoming an important market for LNG, number four in the world in 2024. So developing this gas for us, finding customers, long-term customers in India is good". These investments span across gas, natural gas imports, city gas distribution, development of gas infrastructure, as well as renewable energy projects such as solar and wind. "We have invested almost USD 5 billion in the last five years, in particular in gas, natural gas, importing energy, city gas, development of gas infrastructure in India, as well as renewables. We invest a lot in solar and wind in India," Pouyanne said. Responding to a question about the progress on the MoU signed during India Energy Week with GSPC (Gujarat State Petroleum Corporation) venture in India, Pouyanne said, "It's going very well. We have signed some contracts in the last year for providing energy to India. GSPC is one, IOCL is another. These are long-term, 10-year contracts." He added that the MoU would be converted into a Sales and Purchase Framework (SPF) soon, marking a significant step in strengthening the LNG supply chain to India. He also spoke about his meeting with Union Commerce Minister Piyush Goyal, who encouraged the company to expand its operations further in India. He said, "We discussed TotalEnergies' investments in so we discussed our plans, what we've done and what we intend to do for the future. And of course, Mr. Goyal encouraged me to do more in India". The meeting took place in Paris during Goyal's official visit to France, which is part of his ongoing trip to France and Italy from June 1 to 5. Goyal is also scheduled to meet with key French ministers, including Minister of Economy Eric Lombard and Trade Minister Laurent Saint-Martin. The developments highlight India's growing role in the global energy market and its strong partnership with global energy players like TotalEnergies. (ANI)
Zawya
12-02-2025
- Business
- Zawya
TotalEnergies signs 10-year LNG supply deal with India's GSPC
French oil major TotalEnergies has signed a deal to supply the Gujarat State Petroleum Corporation with 400,000 metric tons of liquefied natural gas annually, beginning next year, the companies said on Wednesday. The deal with the Indian state-owned firm was announced on the sidelines of India Energy Week, and amounts to six LNG cargoes per year destined for mostly industrial customers. India, currently the world's fourth-largest LNG buyer, will have to double annual imports by the end of the decade to meet rising demand from rapid urbanisation and industrialisation, the International Energy Agency said this week. The Indian government has set a target for natural gas to reach 15% of the country's energy mix, up from 6.2% today. GSPC said in a joint statement that the contract with Total aligned with its strategy to build up a long-term LNG portfolio and become a leading gas trader in India. TotalEnergies has said the fast-growing Indian market is core to its growth strategy. It must also secure buyers to balance out the large amount of U.S. LNG it has contracted to purchase over the coming decade. Last year Total signed a raft of long-term deals with mostly Asian buyers, including one with the Indian Oil Corporation. (Reporting by America Hernandez in Paris, Editing by Louise Heavens and Jan Harvey)
Reuters
12-02-2025
- Business
- Reuters
TotalEnergies signs 10-year LNG supply deal with India's GSPC
PARIS, Feb 12 - French oil major TotalEnergies ( opens new tab has signed a deal to supply the Gujarat State Petroleum Corporation with 400,000 metric tons of liquefied natural gas annually beginning next year, the companies said on Wednesday. The deal with the Indian state-owned firm was announced on the sidelines of India Energy Week, and amounts to six LNG cargoes per year.
