TotalEnergies has entered a 50/50 trading joint venture with Bapco Energies in Bahrain, marking its first major partnership in the Gulf Cooperation Council trading arena. The deal grants TotalEnergies access to Bapco’s Fujairah terminal and Bahrain’s liquefied petroleum gas export facilities, enabling the company to handle an additional 1.2 million barrels of refined products per month. Management expects the venture to drive up to €150 million in incremental annual EBITDA by 2027 through optimized freight, storage arbitrage and direct access to Asia and African markets.

In a simultaneous transaction, TotalEnergies agreed to sell its 10% stake in Nigeria’s Renaissance upstream license portfolio to Vaaris Energy for $520 million. The sale excludes the JV’s gas infrastructure, where TotalEnergies retains economic rights on 2.3 billion cubic feet per day of production. The company plans to reinvest a portion of proceeds into low-carbon initiatives in West Africa and expects the transaction to close in Q3 2026, contributing approximately €80 million in net capital gains to its 2026 accounts.

Shares of TotalEnergies ticked up 0.71% in early trading, approaching a 52-week high as analysts highlighted the dual deals’ enhancement of both hydrocarbon trading capabilities and gas growth potential. With the joint venture targeting a 10% boost in trading volumes and the Nigeria sale streamlining upstream exposure, TotalEnergies is poised to accelerate its free cash flow generation—which reached €12.4 billion in the first nine months of 2025—while advancing its target of 5 GW in power generation capacity by 2030.