Bapco Energies, Bahrain signs strategic agreement with TotalEnergies

PHOTO

Bapco Energies, the integrated energy company leading the energy transition in 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 Bahrain as it aligns with the vision of His Majesty King Hamad 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 Majesty’s representative for humanitarian work and youth affairs and Bapco Energies chairman Shaikh Nasser bin Hamad Al Khalifa praised this trading partnership as it stands as one of the many strategic initiatives within Bapco Energies’ ongoing transformation efforts in Bahrain’s energy landscape.

He emphasised 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. He added that the partnership is a culmination of a collective effort between Bapco Energies and TotalEnergies, allowing both companies to unlock new avenues for growth in the years to come.

The signing ceremony, held in Paris, was attended by Shaikh Nasser alongside senior representatives from both entities, including Oil and Environment Minister and special envoy for climate affairs Dr Mohammed bin Daina, Bapco Refining chairman Abdulla Al Zain, Bapco Energies group chief executive Mark Thomas and Bapco Refining CEO Dr Abdulrahman Jawahery.

The partnership between Bapco Energies and TotalEnergies will create substantial value as it aims to optimise 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 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, the partnership will provide opportunities for the development of human capital through the exposure to world-class expertise in trading and risk management.