So normally, the cycle is quicker. Having said that, we also have offshore wind, and offshore wind is more like an exploration cycle than an E&P cycle on a short cycle — I mean, an onshore renewable cycle. We have also in our — as we make some acquisition, we have also some unamortized, I would say, value. I don’t have the precise figures, and I don’t want to introduce something wrong, but you have the idea that it seems the capital employed of this iPower is around, today, $15 billion. We’ll confirm that to you. This is what I have seen in some first figures. And I think you have maybe probably 1/3 of it, which might be unproductive. Just run figures, okay? We will — but I think the exercise to oblige ourselves to make this new reporting is very important.
I know that there are question marks about the profitability of this business, and we have to deliver to you. And when you report, you focus on it, and you will improve. That’s what I learned from refining and chemicals. And I said to Stephane, you go to Bernard, you ask him, “Have we improved the Refining & Chemicals profitability from 5% to 20% today or 15%?” So I think focusing is important, and this is the answer. And we intend clearly to be consistent with this strategy. And integrated power, all the words are important. It’s not only renewables. Again, it’s really the capacity to deliver value from a volatile market and from price which will go upwards because we need more and more electricity. So that’s my answer.
Operator: The next question is from Lydia Rainforth of Barclays.
Lydia Rainforth: Two questions, if I could. Patrick, thank you for the very comprehensive update around what you’re seeing on the commodity markets at the moment. Given everything you said in the kind of cash payout ratio, do you expect that you’ll be in a position or Total will be in a position to pay a special dividend this year later on in the year? And then secondly, if I could come back to Adani, clearly, it’s relatively small amounts of capital employed there, but does it change anything in terms of how you think about your approach to renewables in certain countries or JVs within that and the growth prospect?
Patrick Pouyanne: Well first, there will be a special dividend, which is a special dividend in kind with the spin-off of Canada. So — and it’s not 0. It’s — when I see the figures, it might represent not far from $1 per share. So don’t underestimate that value. So it will come for shareholders. Again, the special dividends, we are very clear. We told you the priority to buy back. And then if we have, again, an environment like we had last year, we might consider that. But it’s — that’s my answer to you. It’s premature — or by the way, it’s premature because today, what they observed since the beginning of the year is $80 per barrel. So I don’t see — and less than $20 per MBTU. So there is no reason at this type of environment we will not have a special dividend.
We prefer the buybacks. This is why we maintained the $2 billion. We don’t increase it. If we come back to an environment like last year, we might consider that. But again, there will be a special dividend for the — in kind for the Canada spinoff. Adani, no, it does not change. I think — again, first, on Adani, I see a lot of papers, and I thank some of you for having trying to calm down these markets. We have an exposure, which is quite limited at $3 billion — $3.1 billion. Obviously, the hydrogen projects, which was discussed, will be put on hold as long as we don’t have a clarity on all that fight. I’m confident in the fact that Adani and geothermal energy is taking care of this business in a smart way. But as TotalEnergies, of course, we have to form a prudence to understand.
