- Total (TOT +0.4%) says it has formed a 50-50 joint venture with Indian Oil Corp. to manufacture and market bitumen derivatives and specialty products for the growing road-building industry in India.
- Total is Europe's leading bitumen manufacturer and supplier, while Indian Oil is the largest player in the Indian bitumen market.
- The JV would start by taking over Total's existing plant at Jodhpur, and later would invest 2.26B rupees ($30.2M) to set up six new plants at locations in India.
- Separately, Total says it agreed to sell the Lindsey refinery in the U.K. to Prax Group for an undisclosed sum.
- Total recently announced the signing of a $14.9B senior debt financing agreement for its massive liquefied natural gas project in Mozambique.