Pakistan’s Cnergyico to import more US crude in deal valued at $430M

Cnergyico Pk Limited, Pakistan’s largest oil refiner, plans to import an additional three million barrels of U.S. crude oil over the next two months, a company official said, as the refiner expands energy trade with the United States and seeks to diversify its crude supply.

The planned arrivals are part of a broader transaction under which Cnergyico has procured six million barrels of U.S. West Texas Intermediate crude, valued at about $430 million.

The move marks one of Pakistan’s largest private-sector crude purchases from the United States to date.

Usama Qureshi, Vice Chairman Cnergyico told Nukta the company has already processed three million barrels at its complex, while the remaining three cargoes — each carrying one million barrels — are en route and scheduled to arrive on Feb. 12, March 4 and March 25.

A sign of strengthening trade

This strategic initiative represents a significant step toward strengthening bilateral energy trade with the United States and contributing to the reduction of the trade deficit with the U.S, Qureshi said.

The transaction has been executed entirely on a commercial basis, without sovereign guarantees or government financing.

By expanding energy trade with the United States through private-sector investment, Cnergyico Pk Limited has helped ease the burden on the government by supporting national trade objectives and contributing to external account stability, he said.

In parallel, Cnergyico Pk Limited has also exported Very Low Sulphur Fuel Oil (VLSFO) and provided bunkering services to various international shipping lines, in collaboration with global energy major Vitol.

These activities have generated foreign exchange inflows and reinforced Pakistan’s growing footprint in international marine fuel and bunkering markets, the vice chairman said.

“This transaction underscores Cnergyico’s commitment to supporting Pakistan’s economic and energy objectives through commercially viable private-sector initiatives."

By increasing trade with the United States, we are not only strengthening energy security but also contributing to the reduction of the trade deficit, thereby easing pressure on the government and the national exchequer, Qureshi said.

Cnergyico remains focused on playing its role in supporting economic stability through responsible investment, exports, and international partnerships.

Analysts say the growing use of U.S. crude reflects both commercial and strategic considerations. “U.S. WTI has become more attractive for Pakistani refiners due to competitive pricing and flexible logistics,” said a Karachi-based energy analyst.

“If sustained, these imports could improve refinery margins and reduce vulnerability to supply disruptions from traditional sources.”

Pakistan’s crude oil imports rose to 5.3 million metric tons in the six months ended Dec. 31, compared with 4.3 million metric tons a year earlier, according to data from the Oil Companies Advisory Council. Total crude imports stood at about 9.28 million metric tons in the financial year ended June 30.