Pakistan's Cnergyico announces import of second US oil cargo
Company to continue purchases if ‘economics remain favorable’
Haris Zamir
Business Editor
Experience of almost 33 years where started the journey of financial journalism from Business Recorder in 1992. From 2006 onwards attached with Television Media worked at Sun Tv, Dawn Tv, Geo Tv and Dunya Tv. During the period also worked as a stringer for Bloomberg for seven years and Dow Jones for five years. Also wrote articles for several highly acclaimed periodicals like the Newsline, Pakistan Gulf Economist and Money Matters (The News publications)
Pakistan’s largest oil refiner, Cnergyico, has confirmed plans to import a second cargo of US crude oil — a move that could mark a shift in the country’s traditional reliance on Middle Eastern crude.
In August, the company announced the import of its first oil shipment of one million barrels from US company Vitol, the company’s first-ever purchase of US crude following a landmark trade deal between Pakistan and the US.
Speaking to Nukta on Wednesday, Head of Trading Aumar Abbassciy at Cnergyico , said the company will receive 1 million barrels of West Texas Light crude in November, following the successful trial of its first US shipment, which is expected to arrive between October 23 and 25.
“This is our second cargo. We saw the arbitrage open for the grade into the east relative to benchmark Murban,” Aumar said.
“If the economics remain favorable, we intend to continue importing.”
Cnergyico, which operates Pakistan’s only single-point mooring (SPM) terminal capable of handling large crude carriers, is also considering additional purchases of at least 1 million barrels of US crude, depending on market trends and pricing.
The decision follows the trade agreement signed in August between Pakistan and the United States, aimed at expanding energy cooperation. As part of the deal, the US agreed to facilitate energy exports, including crude oil, while Pakistan would receive reduced tariffs on its exports.
Until recently, Pakistan had sourced nearly all of its crude oil from the Middle East. But shifting global prices and refining economics are now pushing Pakistani refiners to look at more diverse supply options.
Pakistan Refinery Limited to import Nigerian crude
In another sign of the shift away from the Middle East, Pakistan Refinery Limited (PRL) is set to import its first cargo of Nigerian Bonny Light crude, according to industry sources.
The 500,000-barrel shipment, a light and sweet crude preferred for its higher yield of refined products, is expected to
Industry analysts say that higher shipping costs and spot market premiums for US crude like West Texas Intermediate (WTI) could impact future purchase decisions.
However, the overall shift toward more economically viable and diverse crude sources marks a new phase in Pakistan’s energy import strategy
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