ENERGY SECTOR
KARACHI: Cnergyico PK Limited, Pakistan’s largest oil refiner, is assessing whether to scale up imports of US crude after a second cargo of West Texas Intermediate (WTI) arrived at Karachi port.
The latest delivery, brought in by the tanker MT Albani, contained one million barrels of WTI light crude. With this shipment, Cnergyico’s total crude inflow from the United States—arranged through Vitol—has reached two million barrels. The company received its first-ever US crude cargo on October 30, and a third consignment of similar volume is expected in January.
Vice Chairman of the Cnergyico PK Limited, Usama Qureshi said the refiner is reviewing plans for additional loads scheduled for late January and February, adding that crude procurement decisions are typically made well in advance.
Cnergyico runs the country’s largest refinery, capable of processing 156,000 barrels per day. Its crude purchase deal with Vitol was finalized after Islamabad and Washington updated their trade terms in July, a move that helped Pakistan avoid the 29 percent retaliatory duties earlier proposed by President Donald Trump.
The US remains Pakistan’s biggest export destination, led by textile shipments. Officials expect rising energy imports from the US to support supply diversification and gradually trim Pakistan’s roughly $3 billion trade surplus with Washington.
Qureshi noted that the two US cargoes received so far are valued at around $150 million, an amount that will factor into reducing the trade imbalance.
Pakistan still sources most of its crude needs from the Gulf region, especially Saudi Arabia and the United Arab Emirates. According to the Pakistan Bureau of Statistics, the country imported $16 billion worth of petroleum products last year.
State Bank of Pakistan data shows that Pakistan’s trade deficit with Gulf Cooperation Council countries—where crude makes up the bulk of imports—fell by four percent to $3.84 billion during the July–September quarter of the current fiscal year.
