KARACHI: Pakistan Refinery Ltd (PRL) will import its first cargo of Nigerian Bonny Light crude from global energy trader Vitol in September, marking a shift in sourcing strategy as Asian refiners turn to cheaper alternatives to costly Middle Eastern oil.
According to industry sources, the 500,000-barrel light-sweet crude shipment will load later this month and is expected to arrive in Karachi by late September. Pricing details have not yet been disclosed. Both PRL and Vitol declined to comment.
The deal comes shortly after Pakistan’s first agreement to import US crude — also supplied by Vitol — with Cnergyico scheduled to receive the shipment in October.
In recent months, Pakistani refiners, in line with other Asian buyers, have shown growing interest in non-Middle Eastern supplies such as US West Texas Intermediate and Kazakhstan’s CPC Blend due to rising Gulf crude prices.
While Pakistan imported Nigerian Yoho crude in 2014, this marks the nation’s first purchase of Bonny Light, prized for its high gasoline and diesel yields.
by Reuters
