KARACHI: Pakistan’s largest oil refiner, Cnergyico, has booked a second shipment of US crude after deeming its initial purchase commercially viable, Vice Chairman Usama Qureshi said on Wednesday, signaling the possibility of sustained imports.
The company will receive a 1 million-barrel cargo of West Texas Light (WTL) crude in November under a term supply arrangement with European trader Vitol, Qureshi confirmed.
“This is our second cargo. Our trading team evaluated several options for November and found WTL’s gross refining margin slightly better than Gulf crude,” he said, adding, “If economics remain favorable, we intend to continue importing.”
The move follows Pakistan’s first-ever US crude shipment, which set sail from Houston earlier this month aboard the Suezmax tanker Pegasus, chartered by Vitol. The vessel is scheduled to dock in Karachi in late October, according to ship-tracking data from Kpler.
By Reuters
