White & Case advises TOTSA on strategic commodities trading joint venture with Bapco Energies

Global law firm White & Case LLP has advised TOTSA TotalEnergies Trading, S.A. (TOTSA) on its strategic commodities trading joint venture with Bapco Energies B.S.C., the energy investment arm of the Kingdom of Bahrain.

The parties, who have been jointly developing an asset-backed trading business through an unincorporated joint venture since 2024, have now established a 50:50 incorporated joint venture based in the Dubai International Financial Centre, operating under the name BxT Trading. The joint venture is expected to commence trading in early 2026.

White & Case partner David Lewis, who co-led the Firm’s deal team, said: “This joint venture reflects the increasing importance of long-term strategic partnerships in the energy sector and demonstrates White & Case’s ability to support complex joint ventures involving state-owned enterprises and global market participants.”

Recently promoted White & Case partner Nick Crawford, who also co-led the transaction, said: “This multifaceted strategic partnership is built around the key pillars of international trading expertise and regional energy capabilities and provides a blue print for sector participants seeking to leverage and combine their core competencies to unlock value in a durable, long-term structure.”

The White & Case team which advised on the transaction was led by partners David Lewis and Nick Crawford (both London) with support from associates Marta Zieba (Dubai) and Ashwini Mohan (London), and included partners Lindsey Canning, Margot Berry, Anneka Randhawa and Stephen Shergold, (all London), Maria Beguiristain (Miami), Xavier Hubert and Jeremie Marthan (both Paris), counsel Annabel Hodge (London) and associates Amy Detheridge, Nadia Romano, Veronica Pagnoni, and Margot Davies (all London), Rahel Wendebourg (Paris), and Gabrielle Margerison (Dubai).

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