Cargo is set to load in US, arrive in Pakistan in October
Pakistan is set to import its first-ever oil shipment from the US after the South Asian country this week signed a trade deal with Washington.
The country's largest vertically integrated oil refining company, Cnergyico Pk Ltd, has finalized a deal with global energy trader Vitol Group to import 1 million barrels of US WTI Light crude, said the company in a statement on Friday.
The spot cargo is set to load in the US and arrive in Pakistan by late October. The move is part of a broader strategy to diversify Pakistan’s crude oil sources and deepen energy trade ties with Washington, it said.
“This is a strategic test cargo under our term umbrella with Vitol. If commercially viable, we see potential for regular monthly imports,” said Usama Qureshi, vice chairman of Cnergyico.
“It’s a strong step toward long-term energy diversification,” he added.
WTI Light is known for its high yield of light-end products such as gasoline and jet fuel, along with low sulfur content, making it well-suited to Cnergyico’s 156,000 barrels-per-day refinery.
The facility is supported by Pakistan’s only Single Point Mooring (SPM), enabling it to receive large vessels, including Suezmax, according to the company.
On Wednesday, President Donald Trump said that his administration has struck a trade deal with Pakistan, including joint development of the country's "massive" oil reserves.
Pakistan currently consumes about 140 million barrels of petroleum annually, a figure expected to rise with ongoing economic recovery.
