Regulatory News:
Indian Oil Corporation, India's largest refiner and marketer of
petroleum products, and Total (Paris:FP) (LSE:TTA) (NYSE:TOT),
broad energy company with headquarters in Paris, France, announce
the formation of a 50:50 Joint Venture (JV) company that will
manufacture and market high-quality bitumen derivatives and
specialty products for the growing road-building industry in
India.
Total is the leading bitumen manufacturer and supplier in
Europe, while Indian Oil is the largest player in the Indian
bitumen market. The two companies have already an established
business relationship in India, notably in LPG and fuel additives
businesses.
The new JV will combine the R&D and marketing strengths of
both Indian Oil and Total to manufacture and market innovative
bitumen formulations and superior quality products such as
polymer-modified bitumen, crumb rubber modified bitumen, bitumen
emulsions and other specialty products. The JV will set up
manufacturing units across the country with cost-effective
logistics solutions, keeping innovation, safety and sustainability
at the helm of its operations. The JV will also explore
possibilities to cater to other South Asian markets.
"India is a strategic country for the future of Total and we are
delighted by this partnership, yet another testimony of our
commitment to this fast-growing market." highlighted Patrick
Pouyanné, Chairman and CEO of Total. "Today, Total is further
cementing its longstanding business cooperation with IndianOil,
into a strong and sustainable new partnership. With this agreement,
we are pursuing the growth of businesses with key Indian energy
players, adding to our ongoing developments in renewables, gas and
power."
Shrikant Madhav Vaidya, Chairman of IndianOil said: "The
IndianOil-Total joint venture company would combine IndianOil's
credentials as India's Flagship National Oil Company and the
Total's strength as an International Energy Major. This would cater
to B2B customers involved in road infrastructure development, both
in the government and private sectors and I am confident that this
would start a revolution in road construction activities in the
country by providing superior technology products at competitive
prices".
He added: "This joint venture company would bring in latest
technologies and formulations for Polymer Modified Bitumen (PMB)
and other fast-growing non-conventional derivatives such as Cold
Mix & Micro Emulsion, Block Bitumen, etc. to the Indian market.
The operations of this JV would commence by taking over an existing
plant of Total at Jodhpur and subsequently set up new Greenfield
plants".
The Government of India has a strong focus on developing the
country's road infrastructure with mega projects like the
'Bharatmala project' which envisages development of 34,800 km of
roads at an estimated investment of over Rs. 5 lakh crore in the
first phase (equivalent to approximately 66 billion USD).
The demand for aggregate material and manufactured material for
the highway construction and rehabilitation sector in India is very
high, especially for good-quality bitumen derivatives. The
IndianOil and Total JV will offer high-spec products using
sustainable technologies.
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is more affordable, more reliable,
cleaner and accessible to as many people as possible. Active in
more than 130 countries, our ambition is to become the responsible
energy major.
About Total in India
With over 900 employees, Total is present in India since 1993.
Through its fully owned subsidiary, Total operates in the chemical
business (Hutchinson) and is active in LPG for domestic and
commercial applications, lubricants for automotive & industrial
applications, modified bitumen products and special fluids (Total
Oil India Private Limited). The Group has also a growing presence
in energy storage (SAFT) and solar energy (Total Solar India
Private Limited).
Total's Technical Center in Mumbai provides value added
technical support in the areas of product development, product
training and field-testing in Asian market. The Group has also
established a Digital Innovation Center located in Pune, in
partnership with Tata Consultancy Services (TCS) to develop
revolutionary solutions and technologies for its refining
activities.
More recently, as part of its strategy to further develop offers
for the Indian market, Total has partnered from 2018 with the Adani
Group through various joint ventures in Fuels, Gas and
Renewables.
About Indian Oil
Indian Oil Corporation Ltd. is Ranked 117th among the world's
largest corporates in Fortune's 'Global 500' listing. IndianOil's
business interests encompass the entire hydrocarbon value chain -
from refining, pipeline transportation & marketing, to
exploration & production of crude oil & gas,
petrochemicals, gas marketing, alternative energy sources and
globalization of downstream operations. With over 80 MMTPA refining
capacity and 14,670 KM, cross-country pipelines network IndianOil
accounts for nearly half of India's petroleum products market
share, with sales of about 89.696 MMT including export in the year
2019-20, through its network of over 55,000 customer touchpoints.
IndianOil harbors global aspirations, with subsidiaries in Sri
Lanka, Mauritius, the UAE, Singapore, Sweden, USA and The
Netherlands. IndianOil has been actively pursuing diverse business
interests, setting up over 20 joint ventures with reputed business
partners from India and abroad to explore global opportunities.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE. directly or indirectly owns investments are separate
legal entities. TOTAL SE. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL SE. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200727005453/en/
CONTACT: Total contacts
Media Relations - India : +91 91364 42111 l
kanchan.dahiya@total.com
Media Relations Total SE: +33 1 47 44 46 99 l presse@total.com
l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
IndianOil contacts
Media Relations : +91 8447744909 l jprasad1@indianoil.in
SOURCE: Total
Copyright Business Wire 2020
(END) Dow Jones Newswires
July 27, 2020 09:35 ET (13:35 GMT)
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