Oil & Gas

French energy major TotalEnergies has entered into a 50-50 joint venture with Bahrain’s Bapco Energies to establish BxT Trading, a new trading entity focused on the Middle East market.

The venture will be responsible for trading activities linked to products from Bapco’s Sitra refinery, which currently has a processing capacity of 267,000 barrels per day, reinforcing the refinery’s reach into international markets.

This collaboration builds on a 2024 agreement under which TotalEnergies committed to supporting the expansion and modernisation of the Sitra refinery to increase throughput to 380,000 bpd. The deal also includes the sharing of TotalEnergies’ global trading expertise and the exploration of potential partnerships in renewable energy and liquefied natural gas projects in Bahrain.

Commenting on the partnership, Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa said the joint venture would strengthen Bahrain’s downstream value chain and enhance its position in global energy markets, while TotalEnergies CEO Patrick Pouyanne noted that the move deepens the French company’s presence in the Middle East. The agreement was formally signed during a ceremony held in Abu Dhabi on Tuesday.