ISLAMABAD: Pakistan’s largest private-sector refinery, Cnergyico Pakistan Limited, has imported $300 million worth of US crude oil as part of a broader strategy to narrow the bilateral trade gap and support national economic priorities.
The company arranged four US-origin cargoes totalling four million barrels. Two cargoes, transported by MT Pegasus and MT Albany, have already been delivered and successfully processed at the refinery. A third cargo of one million barrels of West Texas Intermediate (WTI) crude, aboard MT San Jacinto, is en-route and expected to arrive on January 11, 2026. The fourth cargo, also one million barrels, is scheduled for February 10, with loading arrangements to be finalised soon.
Usama Qureshi, vice chairperson of Cnergyico, told The News that the initiative reflects the private sector’s role in supporting national economic objectives. He noted that stronger trade engagement with the US could ease tariff pressures on Pakistani goods, enhance market access for exporters, and create positive spillover effects on employment, industrial activity, and economic stability.
Analysts said high-value imports like crude oil can materially influence bilateral trade figures, strengthening Pakistan’s position with key trading partners. Cnergyico’s move demonstrates how strategic decisions by large private-sector players can complement government efforts on trade and tariff matters.
Pakistan currently imports crude through Keamari Port, Port Qasim, and Cnergyico’s privately owned offshore Single Point Mooring (SPM) near Hub, Balochistan. While Keamari and Port Qasim have shallow drafts limiting vessels to around 500,000 barrels, Cnergyico’s SPM, commissioned in 2012 at $120 million, can accommodate Aframax, Suezmax, and VLCC tankers, allowing larger imports at lower per-barrel freight costs.
Despite the longer voyage from the US Gulf Coast, WTI crude remains competitive due to pricing dynamics. Trading at a $3-4 per barrel discount to Dubai benchmark crudes, WTI offsets higher freight costs, resulting in delivered prices comparable to Middle Eastern grades. Its lighter composition and lower sulphur content also yield higher-value refined products and reduced emissions — key priorities for Pakistan’s refining sector.
Cnergyico plans to process only low-sulphur crudes such as WTI and Bonny Light from October 2025 through January 2026, marking a strategic shift towards economic efficiency and environmental performance. Industry observers said the move highlights how infrastructure investment and global crude market trends are reshaping Pakistan’s import strategy, with US crude emerging as a sustainable option amid rising Middle Eastern premiums and growing demand for cleaner fuels.
Story by Khalid Mustafa
