TotalEnergies SE (TTE.PA,TTE), a French energy and petroleum company, and Bapco Energies Wednesday said that they have launched BxT Trading, an equally owned trading Joint Venture in Bahrain, supported by product flows from Bapco Energies' refinery.
BxT Trading will support Bahrain's oil industry by leveraging its downstream portfolio to maximize value and expand access to global markets. Through this partnership, Bapco Energies is expected to benefit from TotalEnergies' global trading expertise even while developing capabilities in trading, pricing, market analysis, and risk management.
TotalEnergies said that BxT Trading will further strengthen its trading footprint in the Middle East, adding to its current regional activities and established international trading hubs in Houston, Geneva, and Singapore.
Commenting on the developments, Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, "We are happy about this new partnership with Bahrain and Bapco Energies, which strengthens our presence in the Middle East. BxT Trading reflects our long-standing commitment to act as a trusted partner in the region, dedicated to innovation, operational excellence and value creation."
On the Paris Stock Exchange, TTE.PA is currently trading at 56.36 euros, down 0.27 percent.
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