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Total

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About Total

Total is an energy company that produces and distributes oil, gas, power, and electricity products. It is based in Paris, Fra3nce.

Headquarters Location

Tour Coupole 2, place Jean Millier

Paris, 92078,

France

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Latest Total News

Total Says Adani Exposure Is Just 2.4% of Capital Employed

Feb 3, 2023

France’s TotalEnergies SE said its exposure to Adani Group companies was $3.1 billion of capital employed at the end of December, just a small fraction of the energy giant’s globe-spanning interests. Author of the article: Signage for TotalEnergies SE at the company's electric vehicle charging station in the La Defense business district in Paris, France, on Thursday, July 28, 2021. TotalEnergies will extend its $2 billion buyback program into the third quarter after profit surged to a record, propelled by surging gasoline prices and soaring demand for natural gas in Europe. Photographer: Benjamin Girette/Bloomberg Photo by Benjamin Girette /Bloomberg Article content (Bloomberg) — France’s TotalEnergies SE said its exposure to Adani Group companies was $3.1 billion of capital employed at the end of December, just a small fraction of the energy giant’s globe-spanning interests. Advertisement 2 REGISTER TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors or If you are a Home delivery print subscriber, unlimited online access is included in your subscription. Activate your Online Access Now Article content Try refreshing your browser, or Total Says Adani Exposure Is Just 2.4% of Capital Employed Back to video The Adani Group, which has lost more than $100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a Jan. 24 report, has partnerships with TotalEnergies in gas and renewable energy. The Indian conglomerate has repeatedly denied the allegations, but they have undermined investor confidence in shares and bonds of Adani’s companies. Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. Email Address Sign Up By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again Article content TotalEnergies owns a 37.4% stake in Adani Total Gas Ltd., a listed gas distribution business, and 50% in Adani Total Private Limited, which is developing a liquefied natural gas import terminal. In 2020, it bought 20% in renewables unit Adani Green Energy Ltd. and a stake in solar assets for $2.5 billion. “TotalEnergies’ exposure resulting from these stakes is limited, as it represents 2.4% of the company’s capital employed,” and just $180 million of net operating income last year, the French firm said in a statement on Friday. These investments were undertaken in full compliance with Indian laws and its own internal governance processes, Total said. Advertisement 3 Article content Adani Rout Erases Half of Group Value Since Hindenburg Report For Total, which agreed last year to extend its partnership with Adani through the planned production of green hydrogen, the troubles have the potential to slow its Indian expansion in natural gas and renewables. The two types of energies are the group’s growth engines as it progressively reduces its exposure to oil. There appears to be no need for TotalEnergies to write down its holdings in Adani Total Gas or Adani Green because the value of both companies had increased significantly before the recent stock-market rout. Total acquired its 20% stake in Adani Green for $2 billion. The venture’s current market capitalization is $18 billion. TotalEnergies said it has accounted for these investments using the equity method and did not perform any re-valuation of its holdings when their market values were increasing. TotalEnergies shares were trading 0.4% higher at €55.42 at 9:08 a.m. in Paris Friday, ending a four-day losing streak. (Updates with detail throughout.)

Total Frequently Asked Questions (FAQ)

  • Where is Total's headquarters?

    Total's headquarters is located at Tour Coupole 2, place Jean Millier, Paris.

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