Oil Giant TotalEnergies Partners with Bahrain's Bapco for Advanced Refinery Optimization And Product Trading

TotalEnergies TTE penned a deal with Bapco Energies in Bahrain for petroleum products trading.

As per the deal, TotalEnergies will support Bapco Energies in optimizing its Sitra refinery, currently being upgraded, and in trading of its petroleum products. 

For this deal, TotalEnergies plans to bring its global oil and feedstock supply capacity and its refining and trading expertise.

Patrick Pouyanné, Chairman and CEO said, “We are pleased to have been selected by the Bahraini authorities to support Bapco Energies in optimizing their downstream petroleum operations, with a view to maximizing value for Bahrain….We will work to extend our collaboration beyond oil and petroleum products to potential future developments in other energies, such as LNG or renewable power.”

His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs and Chairman of Bapco Energies, said, “With the start-up of our US$7 billion Bapco Modernization Programme (BMP) refinery upgrade project later this year, our partnership with TotalEnergies will help build a quality customer base for our expanded production.”

Recently, TotalEnergies inked a sale and purchase agreement (SPA) with Sembcorp Fuels, a wholly-owned subsidiary of Singapore-based Sembcorp Industries.

Also, the company surpassed revenue expectations with $59.237 billion in fourth-quarter FY23, outpacing consensus estimates. Despite a 12% Y/Y decline in hydrocarbon production, TotalEnergies boosted quarterly dividends by 7.1% to €0.79.

Price Action: TTE shares are trading higher by 0.50% at $64.82 premarket on the last check Monday.

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