KARACHI: Pakistan’s largest oil refiner, Cnergyico PK Limited, is mulling more imports of crude oil from the United States (US), the company’s vice chairman said, as a second vessel carrying one million barrels of West Texas Intermediate (WTI) arrived in the country.
The official said the arrival of WTI light crude through the vessel, MT Albani, brought the company’s total imports from the US via Vitol to 2 million barrels so far.
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Cnergyico received Pakistan’s first ever US oil shipment on Oct. 30 in Karachi while a third cargo of about the same volume is expected in January next year.
“Additional cargoes for the second half of January and February are currently under evaluation,” Cnergyico Vice Chairman Usama Qureshi told the media, adding that crude procurement planning is typically done months in advance.
US is the biggest buyer of Pakistan’s exports, especially textiles.
The import plan is expected to help Pakistan diversify its crude sourcing and is being seen as part of Islamabad’s efforts to reduce its approximately $3 billion trade surplus with Washington, in line with Trump’s policy.
Qureshi said the two shipments Cnergyico has imported so far are valued at $150 million, which would further narrow the trade deficit.
