TotalEnergies has signed a 50/50 joint-venture agreement with Bapco Energies to form BxT Trading, a new petroleum products trading platform based in Manama. The joint venture is backed by feedstock flows from the Bapco Energies refinery and will leverage TotalEnergies’ global trading hubs in Houston, Geneva and Singapore. The signing ceremony was witnessed by His Highness Shaikh Nasser bin Hamad Al Khalifa, Chairman of Bapco Energies, and Patrick Pouyanné, Chairman and CEO of TotalEnergies. BxT Trading is designed to combine local market access with advanced pricing, analysis and risk-management capabilities, enhancing responsiveness to Middle East market dynamics and expanding Bahrain’s downstream value chain.

TotalEnergies has agreed to sell its 10% interest in the Renaissance joint-venture licenses in Nigeria to Vaaris, while retaining an economic interest in associated gas-focused assets. The divestment follows a strategic review of upstream portfolios in West Africa and is expected to close in the third quarter of the year, subject to customary regulatory approvals. Proceeds from the transaction will be redeployed into low-carbon gas projects and renewable initiatives, reflecting TotalEnergies’ shift toward natural gas and hydrogen growth opportunities in sub-Saharan Africa.

In premarket trading, TotalEnergies shares rose by 0.71%, trading near their 52-week high, as investors welcomed the dual moves to strengthen its Middle East footprint and optimize its African upstream exposure. Analysts at three major banks have raised their medium-term earnings estimates by an average of 3% on expectations that BxT Trading will generate incremental trading margins of USD 50–70 million annually, while the Nigeria sale will free up capital for gas-to-power and low-carbon hydrogen projects targeted to deliver compound annual growth of 8% through 2028.