LAHORE: Pakistan has diversified its crude oil sourcing after Cnergyico Pk executed a private-sector commercial transaction to import six million barrels of US West Texas Intermediate (WTI) crude worth about $430 million, a move that reduces reliance on traditional Middle Eastern supply routes and supports efforts to narrow the trade gap.
Of the total volume, three million barrels have already been processed at Cnergyico’s refinery, while the remaining three cargoes of one million barrels each are en route. One shipment is scheduled to arrive in February, with two more expected in March, ensuring continuity of supply in the coming months.
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The deal expands energy trade with the United States and reduces exposure to supply disruptions linked to the Strait of Hormuz, a key chokepoint for global oil flows. By sourcing crude from the US, Pakistan lowers reliance on traditional suppliers and mitigates geopolitical risk tied to regional tensions.
A central enabler of the imports is the Single Buoy Mooring (SBM) facility, Pakistan’s only deep-sea offshore crude handling system. The SBM allows direct unloading of very large crude carriers offshore and transport to the refinery via underwater pipelines, supporting long-haul imports while easing port congestion and reducing freight and demurrage costs.
Cnergyico Vice Chairman Usama Qureshi said the transaction demonstrated how private-sector initiatives can support broader economic objectives, including trade balance management and energy security. He said the imports were undertaken on a fully commercial basis, without burdening public finances.
Separately, the company has expanded export-facing operations by exporting very low sulphur fuel oil and providing bunkering services in collaboration with Vitol, generating foreign exchange inflows and supporting Pakistan’s presence in the international marine fuels market.
The transaction highlights the role of diversified sourcing and infrastructure in strengthening supply resilience amid external pressures, with outcomes contingent on sustained execution and alignment with broader energy policy.
