TotalEnergies SE and Bahrain’s state-owned Bapco Energies have launched an equally owned trading platform to sell output from the Bapco refinery in the kingdom to the domestic and international markets.
“As a competitive new player in the Middle East, BxT Trading will support Bahrain’s oil industry by leveraging its downstream portfolio for maximizing value and broadening its access to global markets”, said a joint statement online. “Through this joint venture, Bapco Energies will benefit from TotalEnergies’ global expertise in trading and will develop advanced trading, pricing, analysis and risk management capabilities.
“With BxT Trading, TotalEnergies is strengthening its trading position in the Middle East, where the company already has trading activities, in addition to its international hubs in Houston, Geneva and Singapore.
“This new initiative enhances the trading teams’ responsiveness and agility, reinforcing their local footprint that enables them to better address regional specificities”.
Bapco Energies chair Nasser bin Hamad Al Khalifa said, “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”.
The Bapco refinery has a capacity of 380,000 barrels per day (bpd), increased 42 percent under a “modernization program”, Bapco Energies says on its website. The upgrade included the installation of a hydrocracking unit designed to convert 78 percent of lower-grade feedstock into distillates, which are then refined into high-margin diesel and kerosene, according to Bapco Energies.
In its trading and shipping segment, TotalEnergies last year sold 2.28 million bpd of petroleum products to external customers, up from 1.95 million bpd in 2023, according to the company’s annual report.
“The activities of Trading & Shipping are focused primarily on serving the needs of TotalEnergies, and mainly include selling and marketing the TotalEnergies’ crude oil production; providing a supply of crude oil for TotalEnergies’ refineries; importing and exporting the appropriate petroleum products for TotalEnergies’ refineries to be able to adjust their production to the needs of local markets; chartering appropriate ships for these activities; and trading in various derivatives markets”, the report said.
“Trading operates extensively in physical and derivatives markets, both organized and over the counter”, it added. “In connection with its trading activities, TotalEnergies uses derivative energy instruments (futures, forwards, swaps and options) in order to adjust its exposure to fluctuations in the price of crude oil and petroleum products. These transactions are entered into with a wide variety of counterparties”.
TotalEnergies also trades liquefied natural gas and power.
To contact the author, email jov.onsat@rigzone.com
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