Total has entered into a partnership with Indian Oil Corporation (IOC) to manufacture and market bitumen derivatives.
The 50:50 joint venture aims to produce specialty products for the growing road construction industry in India.
Total is today the leading manufacturer and supplier of bitumen in Europe, while IOC is the leading player in the Indian market.
The joint venture will also seek to diversify into other South Asian markets.
Patrick Pouyanné, Chairman and CEO of Total, declared: “India is a strategic country for Total’s future and we are delighted with this partnership, further proof of our commitment to this fast-growing market.
“Today, Total is strengthening its long-standing commercial cooperation with IndianOil in a new solid and lasting partnership. With this agreement, we are pursuing the growth of companies with the main Indian energy players, complementing our ongoing developments in renewable energies, gas and electricity. “
Shrikant Madhav Vaidya, President of IOC, said: “The IndianOil-Total joint venture would combine IndianOil’s credentials as India’s National Oil Company Flagship and Total’s strength as an international energy major.
“This would be aimed at B2B clients involved in the development of road infrastructure, both in the public and private sectors and I am convinced that it would trigger a revolution in road construction activities in the country by providing quality technological products. superior at competitive prices ”.