Karachi / Singapore:
The biggest refinee in Pakistan Cnergyico will import 1 million barrels of Vitol oil in October, said its vice-president of Usama Qureshi on Friday, marking the very first purchase of the country of American crudebroken following a historic trade agreement.
The West Texas Light Light Brute Cargo will be responsible for Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said.
“This is a test of test tests under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month,” he said, adding that the shipment was not intended for resale.
The agreement follows months of multiple negotiations that started in April, he said after US President Donald Trump threatened to impose 29% of Pakistan import rates.
Qureshi said that Pakistan’s finance and oil ministries encouraged local refineries to explore US ravy imports after the April rate was announced.
Vitol did not immediately respond to a request for comments sent outside office hours.
Pakistan welcomed a trade agreement concluded with the United States on Thursday, its best export market, and said the agreement would increase investments. The White House said Thursday that the United States would charge a 19% rate on imports from Pakistan.
Allied from China, Pakistan warmed up to Trump after threatening prices. He credited an American diplomatic intervention for ending recent hostilities with neighboring India and appointed Trump for the Nobel Peace Prize.
Oil is the largest import article in Pakistan and its shipments were estimated at $ 11.3 billion during the financial year ended June 30, 2025, representing almost a fifth of the country’s total import bill.
The import agreement will help Pakistan to diversify its gross supply and reduce dependence on suppliers in the Middle East, who represent almost all of its oil imports.
“The margin of raw refining is tied with the notes of the Gulf, and no mixture of mixture or refinery is necessary,” said Qureshi.
Cnergyico can treat 156,000 crude barrels per day and operates the only mooring terminal at one point in the country near Karachi, which allows it to manage large oil tankers unlike other refiners in Pakistan.
The company plans to install a second offshore terminal to allow more or more frequent shipments and upgrade its refinery in the next five to six years, said Qureshi.
The refiner, which operated at an average refinery execution rate of 30% to 35% due to lukewarm local demand, is betting on the growth in demand for petroleum products.
“We expect the execution rates to increase as domestic demand is strengthening and local production is priority over imported fuels,” said Qureshi.
Trump said on Wednesday that the United States would also cooperate with Pakistan to develop the “massive oil reserves” in the South Asian country, without providing additional details.
