Pakistan’s largest shelf, Cnergyico, will import 1 million barrels of oil from Vitol in October, USAMA Vice President of USA Qureshi told Reuters on Friday, noting the first market for US crude after a land trade agreement.
The West Texas intermediate load will be loaded by Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said.
“This is a test load under the umbrella agreement with Vitol. If it is commercially viable and available, we could enter at least one load per month,” he said, adding that the mission was not intended for resale.
The deal follows months of multiple negotiations that began for the first time in April, he said after US President Donald Trump threatened to impose 29% invoices on imports from Pakistan.
Qureshi said Pakistan’s funding and oil ministries encouraged local refineries to explore US raw imports after the April invoices announced.
Vitol did not immediately respond to a request for comments sent outside the office hours.
On Thursday, Pakistan welcomed a trade agreement with the US, its top export market and said the deal would increase investment. The White House said on Thursday that the US will charge a 19% invoice to imports from Pakistan.
A key ally of China, Pakistan, has warmed up to Trump after threatening invoices. He has believed our diplomatic intervention to end the recent hostilities with neighboring India and appointed Trump for the Nobel Peace Prize.
Reading: Cnergyico is likely to upgrade upgrade ink soon
Oil is Pakistan’s largest import element and its missions were estimated at $ 11.3 billion a year in June 30, 2025, representing almost one fifth of the country’s total import account.
The import agreement will help Pakistan differentiate the raw commission and reduce the dependence on Middle Eastern suppliers, which represent almost all oil imports.
“The gross refining margin is at the same level as vaginal degrees and no mixing or refinery bites are required,” Qureshi said.
Cnergyico can process 156,000 crude barrels per day and take advantage of the country’s only anchor terminal near Karachi, allowing it to handle large tankers as opposed to other refineries in Pakistan.
The company plans to install a second offshore terminal to allow larger or more frequent missions and upgrading the refinery in the next five to six years, Qureshi said.
The refinerator, which operates at an average refinement pace of 30% to 35% due to lukewarm local demand, bets on increasing demand for oil products.
“We expect to increase execution rates as domestic demand is reinforced and local production is prioritized over imported fuels,” Qureshi said.
Trump said on Wednesday that the United States will also work with Pakistan to develop the “mass reserves of oil” of the country of South Asia, without providing further details.
a href=”https://tribune.com.pk/story/2559037/pakistan-to-receive-first-us-oil-shipment-as-cnergyico-signs-import-deal”>Source link
