On 14 January, Bahrain state energy firm Bapco Energies and TotalEnergies announced the official launch of their joint-venture BxT Trading, based in the Dubai International Financial Centre (DIFC). After Kuwait’s KPC launched its trading firm last year (MEES, 21 March 2025), all six GCC countries have now established oil trading arms as they seek to extract more value from their production.
In partnering with TotalEnergies, Bapco is following the path laid out by Oman, which pioneered the establishment of state-led oil trading entities in the region. Oman’s OQ Trading was originally set up in partnership with trading giant Vitol in 2006, and while the Swiss trading giant is no longer involved, OQ Trading is still widely seen as the most sophisticated of the NOC traders. (CONTINUED - 798 WORDS)
