TotalEnergies SE and Bahrain’s Bapco Energies announced the creation of a 50‑50 joint venture, BxT Trading, on 14 January 2026. The signing ceremony, held in Abu Dhabi, was attended by Bahrain’s Crown Prince Shaikh Nasser bin Hamad Al Khalifa and TotalEnergies CEO Patrick Pouyanné, underscoring the strategic importance of the partnership for both companies and for Bahrain’s energy sector.
The venture is designed to leverage Bapco Energies’ refinery flows—currently operating at about 267,000 barrels per day with plans to increase throughput to 380,000 bpd and eventually 405,000 bpd—to feed TotalEnergies’ global trading network. By combining local market knowledge with worldwide pricing and risk‑management expertise, BxT Trading aims to capture value from the Middle East’s growing demand for refined products while strengthening TotalEnergies’ downstream portfolio and shareholder returns.
Operationally, the joint venture will enhance trading capabilities, improve pricing power, and broaden access to regional and international markets. The partnership will allow BxT Trading to deploy sophisticated hedging tools and analytics that have proven successful in TotalEnergies’ hubs in Houston, Geneva, and Singapore, thereby reducing exposure to volatile spot markets and improving margin stability.
Shaikh Nasser bin Hamad Al Khalifa, Chairman of Bapco Energies, said the launch “reflects Bahrain’s commitment to forging long‑term strategic partnerships with leading global energy companies. Through BxT Trading we are enhancing our global trading capabilities, strengthening our downstream value chain, and reinforcing Bahrain’s position as a competitive and trusted player in international energy markets.” Patrick Pouyanné added that the venture “strengthens our presence in the Middle East, supports our downstream and trading strategy, and demonstrates our long‑standing commitment to act as a trusted partner in the region.”
Beyond refining and trading, the earlier agreement between TotalEnergies and Bapco Energies includes cooperation on renewable energy and liquefied natural gas projects, signalling a broader strategic alignment. The joint venture is part of a series of initiatives that also saw TotalEnergies commit to supporting the expansion and modernization of Bahrain’s Sitra refinery, a move that will further cement Bahrain’s role as a key downstream hub in the region.
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