SEATTLE (Oil Monster): Pakistan will receive its first shipment of crude oil from the U.S. This follows the recent agreement signed between Cnergyico- the largest refiner in Pakistan and Vitol- the leading global energy trader.
Usama Qureshi, Vice Chairman, Cnergyico stated that the company will import one million barrels of West Texas Intermediate (WTI) light crude oil from Vitol. The loading of the cargo will start in Houston later this month. The shipment is expected to arrive at Karachi port during the second half of October this year, he added.
Qureshi noted that it represents a test spot cargo under its umbrella term agreement with Vitol. Upon commercial viability and availability, the company plans to import at least one cargo per month. The shipped crude oil is expected to be used domestically and is not intended for resale, he added.
It took several months for Pakistan and the U.S. to reach the deal. According to Pakistan government authorities, the agreement is considered as a breakthrough as it expected to result in lower tariff and trigger further investments by the U.S. in the country. However, specific details about the reduction in tariffs were not disclosed.
As per rough estimates, oil accounted for approximately one-fifth of Pakistan’s total import bill during the fiscal year ended June 30, 2025.
