French energy major TotalEnergies has agreed to sell its oil interest in a Nigerian joint venture, while launching a new petroleum joint venture in the Middle East.
TotalEnergies EP Nigeria agreed to sell its 10 per cent interest in Renaissance joint venture to Vaaris, including all its rights and obligations in 15 licences of the joint venture.
TotalEnergies Nigeria will also transfer its 10 per cent participating interest in the three other licences of Renaissance JV, which are producing mainly gas, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Separately, TotalEnergies has launched BxT Trading, a new petroleum products trading joint venture with Bahrain’s Bapco Energies, backed by flows from Bapco’s refinery.
BxT Trading intends to support Bahrain’s downstream sector by broadening access to global markets and developing advanced trading, pricing, analysis, and risk management capabilities.
Shaikh Nasser bin Hamad Al Khalifa, Chairman of Bapco Energies, said: “The launch of BxT Trading reflects the Kingdom’s commitment to forging long-term strategic partnerships with leading global energy companies.
“Through this partnership with TotalEnergies, we are enhancing our global trading capabilities, strengthening our downstream value chain, and reinforcing Bahrain’s position as a competitive and trusted player in the international energy markets.”
Patrick Pouyanné, CEO of TotalEnergies, said: “We are happy about this new partnership with Bahrain and Bapco Energies, which strengthens our presence in the Middle East.
“BxT Trading reflects our long-standing commitment to act as a trusted partner in the region, dedicated to innovation, operational excellence and value creation.”
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