French energy major TotalEnergies has formed a 50-50 joint venture with Bahrain’s Bapco Energies, creating a new Middle East-focused trading entity called BxT Trading. The venture will handle trading related to products from Bapco’s Sitra refinery, which currently has a capacity of 267,000 barrels per day.
The partnership builds on a 2024 agreement under which TotalEnergies committed to support the expansion and modernisation of the Sitra refinery, originally targeting a throughput of 380,000 barrels per day. In December, Bapco announced a further increase in capacity to 405,000 barrels per day. As part of the broader collaboration, TotalEnergies is also sharing its trading expertise while exploring opportunities with Bahrain in renewable energy and liquefied natural gas.
Bapco Energies Chairman Shaikh Nasser bin Hamad Al Khalifa said the venture would enhance Bahrain’s global trading capabilities, strengthen its downstream value chain, and reinforce the kingdom’s position as a competitive and trusted player in international energy markets.
TotalEnergies CEO Patrick Pouyanné said the joint venture deepens the company’s presence in the Middle East. The agreement was formalised during a signing ceremony held in Abu Dhabi on Tuesday.
