TotalEnergies of France and Bahrain's state-owned Bapco Energies have officially launched BxT Trading, a joint venture equally owned by both parties. The new trading entity is backed by production flows from Bapco Energies' refinery and aims to be a competitive regional player. It is designed to maximize downstream value and broaden access to international markets for Bahraini oil products.
The signing ceremony occurred in Abu Dhabi. Senior leadership from both sides attended, including Shaikh Nasser bin Hamad Al Khalifa, Chairman of Bapco Energies, and TotalEnergies CEO Patrick Pouyanné. The venture will focus on physical oil trading. It will also build advanced capabilities in pricing, analytics, and risk management.
For Bapco Energies, the joint venture provides direct access to TotalEnergies' global trading expertise and infrastructure. This includes exposure to established international hubs in Geneva, Houston, and Singapore. It also includes proven risk management and market optimization systems. The move strengthens Bahrain's downstream value chain.
For TotalEnergies, BxT Trading deepens its commercial footprint in the Middle East. The region remains central to global crude and refined product flows. The company already maintains trading operations there. The Bahrain-based platform is intended to improve responsiveness to regional market dynamics and customer demand.
The launch fits into a wider trend of Middle Eastern producers moving downstream and into trading. National oil companies in the Gulf have increasingly partnered with international majors. These partnerships aim to accelerate capability building in trading, logistics, and portfolio optimization.
Bahrain has been investing heavily in its refining and downstream sector in recent years. Leveraging refinery-linked trading flows allows the kingdom to position itself as a more active participant in international energy markets.
For TotalEnergies, the joint venture reinforces its strategy of pairing upstream and downstream positions with strong trading arms. This enables it to arbitrage regional markets and manage volatility more effectively.
BxT Trading is expected to operate as a locally grounded yet globally connected platform. It emphasizes operational excellence, high HSSE standards, and disciplined risk management. Both partners frame the venture as a long-term strategic partnership. It aims to deliver sustainable value while reinforcing Bahrain's credibility as a reliable energy trading hub.