ISLAMABAD:
Pakistan has taken a significant step towards diversifying its energy supply as a $430 million crude oil import deal with the United States helps reduce reliance on the Strait of Hormuz and supports efforts to narrow the country’s trade gap.
In a major private-sector transaction, Cnergyico Pk has imported six million barrels of US West Texas Intermediate (WTI) crude, marking one of the largest commercial crude oil deals between Pakistan and the US. The arrangement reflects a strategic shift towards diversified energy sourcing amid geopolitical uncertainty and balance-of-payments pressures.
Of the total volume, three million barrels have already been processed at Cnergyico’s refinery, while the remaining three cargoes—each carrying one million barrels—are scheduled to arrive between February and March, ensuring uninterrupted crude supplies in the coming months.
The deal has been executed entirely on a commercial basis, without sovereign guarantees or government financing, limiting exposure for the public exchequer and reinforcing market-led investment in the energy sector.
Beyond its commercial value, the transaction holds strategic importance for energy security. Increased sourcing from the US reduces dependence on Middle Eastern supplies and lowers exposure to disruptions along the Strait of Hormuz, a key global oil transit route prone to geopolitical risks.
A critical enabler of this diversification is Pakistan’s only deep-sea Single Buoy Mooring (SBM) facility, which allows offshore unloading of very large crude carriers and supports long-haul imports from the US and Africa while reducing port congestion and logistics costs.
Commenting on the development, Usama Qureshi, Vice Chairman of Cnergyico Pk, said the initiative demonstrated how private-sector activity could support national economic objectives. “Diversifying crude sourcing strengthens energy security, reduces dependence on traditional routes and helps cushion the economy against external shocks,” he noted.
Cnergyico has also expanded export-oriented operations, including exports of Very Low Sulphur Fuel Oil and bunkering services in partnership with global energy major Vitol, generating foreign exchange and strengthening Pakistan’s presence in the international marine fuels market.
As Pakistan navigates ongoing economic challenges, such private-sector initiatives underline the importance of diversified energy sourcing, resilient infrastructure and export-driven growth in enhancing long-term economic and energy security.
Story by Zafar Bhutta
