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A Total oil refinery in Dunkirk in 2010. Photo: Andia/Universal Images Group via Getty Images

Total SA is acquiring a 37% stake in the Indian gas distribution firm Adani Gas as the French energy giant looks to capitalize on rising LNG demand in the world's second-most populous nation.

Why it matters: The roughly $600 million deal announced Monday will give Total "a footprint in a market where annual LNG demand will hit 28 million tons by 2023, making it the fourth biggest importer of the fuel," Bloomberg reports. Total is already the world's second-largest LNG player.

The big picture: "Total is the third foreign oil major to enter India’s gas sector after BP PLC and Shell, and it comes at a time when India is spending heavily to cut its carbon emissions," Reuters notes.

What they're saying: "Total’s investment in Adani is undoubtedly a show of faith in India’s gas demand growth," the research firm Wood Mackenzie said in a note.

  • They point out that India wants gas to meet 15% of its energy demand by 2030, up from 6% today.
  • And while they don't see India hitting that target, their note still sees major demand growth in that timeframe and projects that LNG will meet half of it.

Go deeper: Facing climate change, ExxonMobil ramps up energy research

Go deeper

Ben Geman, author of Generate
40 mins ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry,

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.