ISLAMABAD: In a major private-sector energy move, Cnergyico Pakistan Limited has imported six million barrels of West Texas Intermediate crude oil from the United States, valued at approximately $430 million. Half of the cargo has already been processed at its refinery, while the remaining shipments are scheduled for February and March 2026.
The transaction was executed entirely on commercial terms without government guarantees or fiscal support, showcasing the private sector’s role in supporting Pakistan’s economic objectives. Analysts note that the deal helps ease pressure on the country’s external account while narrowing the bilateral trade gap with the United States.
Usama Qureshi, Vice Chairman of Cnergyico, said the import demonstrates the sector’s ability to advance economic goals independently. “This trade increases energy cooperation with the U.S., reduces the trade deficit, and alleviates pressure on the government,” he said, highlighting the strategic importance of private-sector initiatives in national economic planning.
Cnergyico utilizes its offshore Single Point Mooring near Hub, Balochistan, capable of handling large Aframax, Suezmax, and VLCC tankers. This infrastructure allows larger shipments, lowers freight costs, and improves supply efficiency, giving the company a competitive advantage over traditional Karachi ports with draft restrictions.
The WTI crude, despite the longer voyage from the U.S., remains economically viable, trading at a $3–4 per barrel discount to Dubai benchmark crudes. Its light composition and low sulphur content enable production of cleaner, higher-value refined products, supporting both domestic consumption and exports, including Very Low Sulphur Fuel Oil supplied to international shipping lines.
Industry experts say the model could scale to $1 billion in U.S. crude imports this fiscal year if regulatory bottlenecks, particularly in diesel imports, are addressed. They emphasize that supporting local refining operations can materially improve Pakistan’s trade balance, strengthen diplomatic ties, and boost foreign exchange inflows, positioning the refining sector as a key player in economic growth and export promotion.
