By: Reuters

French oil major TotalEnergies (TTEF.PA), opens new tab has formed a 50-50 joint venture with Bahrain's Bapco Energies called BxT Trading, it said on Wednesday.

The Middle East-focused venture will trade in relation to products from Bapco's 267,000 barrels-per-day Sitra refinery.

The partnership builds on a 2024 deal under which Total agreed to help expand and modernise Sitra to reach throughput capacity of 380,000 barrels per day and share the French firm's trading expertise, while exploring options to partner with Bahrain on projects in renewable energy or liquefied natural gas.

The ruling comes after repeated disruptions to offshore wind projects under President Donald Trump.

In December, Bapco announced a new capacity increase to 405,000 bpd at the site.
"Through this partnership with TotalEnergies we are enhancing our global trading capabilities, strengthening our downstream value chain, and reinforcing Bahrain's position as a competitive and trusted player in the international energy markets," Bapco Energies Chairman Shaikh Nasser bin Hamad Al Khalifa said in a statement.

TotalEnergies CEO Patrick Pouyanne said the joint venture strengthened Total's Middle East presence

The two executives held a signing ceremony on Tuesday in Abu Dhabi.