Bapco Energies 01 Jul 2024

Bapco Energies and TotalEnergies Forge Strategic Partnership for Petroleum Products Trading

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Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain, and TotalEnergies, a global integrated energy company, announced the official signing of a strategic partnership agreement for petroleum products trading.

This joint venture marks a significant milestone for Bapco Energies and the Kingdom of Bahrain as it aligns with the vision of His Majesty King Hamad bin Isa Al Khalifa’s and the aspirations of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the Kingdom’s energy sector.

Commenting on the joint venture, His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs, Chairman of Bapco Energies commended this trading partnership as it stands as one of the many strategic initiatives within Bapco Energies’ ongoing transformation efforts in the Kingdom of Bahrain’s energy landscape. He emphasized the important role this partnership will play in setting up Bapco Energies to compete on the global stage and to become a key player in the international energy market. His Highness expressed that this partnership is a culmination of a collective effort between Bapco Energies and TotalEnergies, allowing both companies to unlock new avenues for growth in years to come.

The signing ceremony, held in Paris, was attended by His Highness Shaikh Nasser bin Hamad Al Khalifa alongside senior representative from both entities, including His Excellency Dr. Mohammed bin Mubarak bin Daina - Minister of Oil and Environment, Special Envoy for Climate Affairs, His Excellency Mr. Abdulla Al Zain - Bapco Refining Chairman, Mr. Mark Thomas - Bapco Energies Group Chief Executive Officer, and Dr. Abdulrahman Jawahery - Bapco Refining Chief Executive Officer.

The partnership between Bapco Energies and TotalEnergies will create substantial value as it aims to optimize Bapco Energies’ trading capabilities through TotalEnergies global petroleum product trading expertise. This comes as a result of the collaborative foundation established earlier this year during TotalEnergies’ Chairman and CEO Patrick Pouyanné’s visit to the Kingdom of Bahrain.

The partnership, set to commence in July 2024, will also empower Bapco Energies to capture new market opportunities, enhance its trading strategies, and gain access to TotalEnergies’ extensive network, significantly expanding its reach and influence in the global market. Furthermore, this partnership will provide opportunities for the development of human capital through the exposure to world-class expertise in trading and risk management.