TotalEnergies has entered into a 50-50 partnership with Bahrain’s Bapco Energies to establish BxT Trading, a new petroleum products trading vehicle backed by refinery flows from Bapco Energies’ Sitra complex. The signing ceremony in Manama was witnessed by His Highness Shaikh Nasser bin Hamad Al Khalifa and TotalEnergies CEO Patrick Pouyanné. BxT Trading will leverage TotalEnergies’ global trading expertise—supported by its hubs in Houston, Geneva and Singapore—to expand market access across Europe, Asia and Africa. With an initial annual throughput commitment of 8 million tonnes from Bahrain, the venture aims to capture incremental value through advanced pricing, risk-management and analysis platforms, while reinforcing Bahrain’s downstream footprint in over 60 countries.

Patrick Pouyanné told investors that, although TotalEnergies continues to monitor opportunities in Venezuela’s oil sector, a re-entry is not high on the company’s strategic agenda given prevailing sanctions and market volatility. He highlighted that TotalEnergies has already allocated 70% of its capital expenditure envelope to low-carbon hydrogen, renewables and natural gas projects through 2026, and that management will prioritize regions offering stable regulatory frameworks and minimal sovereign risk. The CEO noted that a potential Venezuelan return would require clarity on asset tenure, contract terms and safety guarantees before being considered alongside the company’s planned 30 GW of renewables capacity by 2030.