KARACHI/SINGAPORE, Aug 1: In a landmark move, Cnergyico, Pakistan’s largest oil refiner, will import 1 million barrels of US crude oil from global energy trader Vitol this October, marking the country’s first-ever purchase of American oil, company Vice Chairman Usama Qureshi told Reuters on Friday.
The cargo of West Texas Intermediate (WTI) light crude will be loaded from Houston this month and is expected to reach Karachi in the second half of October. “This is a test spot cargo under our umbrella term agreement with Vitol,” Qureshi said. “If it proves commercially viable and readily available, we may consider importing at least one cargo every month.”
The agreement comes after months of negotiations that began in April, amid rising trade tensions following then-President Donald Trump’s threat to impose a 29% tariff on Pakistani imports.
The move signals a new chapter in Pakistan’s energy trade, potentially opening the door to diversified crude sourcing and strengthening ties with US suppliers amid evolving global market dynamics.
by Reuters
