By SKM
February 2, 2026
ISLAMABAD: In a landmark private-sector energy deal, Cnergyico Pk Limited has imported 6 million barrels of West Texas Intermediate (WTI) crude oil from the United States, worth approximately $430 million, industry sources said. Half of the shipments have already been processed at the company’s refinery, with the remainder expected in February and March 2026.
Executed entirely on commercial terms without government guarantees or fiscal support, the transaction is being hailed as a key move to ease Pakistan’s trade deficit and relieve external account pressures.
“This deal shows the private sector’s ability to advance economic goals independently of government intervention,” said Usama Qureshi, Vice Chairman of Cnergyico. “By increasing energy trade with the United States, we are helping reduce the trade gap while supporting the economy.”
Cnergyico imports crude via Keamari Port, Port Qasim, and its offshore Single Point Mooring (SPM) near Hub, Balochistan, a facility capable of handling large tankers such as Aframax, Suezmax, and VLCC. The SPM allows for larger shipments, lower freight costs, and more efficient supply, overcoming limitations at Karachi’s shallow-draft ports.
Despite the longer voyage from the U.S. Gulf Coast, WTI crude remains economically attractive, trading at a $3–4 per barrel discount to Dubai benchmark crude. Its lighter, low-sulfur composition also enables refineries to produce higher-value, cleaner fuels, increasingly sought in the domestic and regional markets.
Cnergyico has demonstrated flexibility in sourcing; in December, the company imported 1 million barrels of Nigerian Bonny Light crude due to favorable freight conditions. Industry experts estimate that U.S. crude imports could scale to $1 billion this fiscal year, provided regulatory hurdles—especially diesel import policies—are addressed.
Beyond imports, the company has expanded downstream operations, exporting Very Low Sulfur Fuel Oil (VLSFO) and providing bunkering services to international shipping lines, generating valuable foreign exchange inflows. Yet, industry veterans note that the refining sector often goes unrecognized in Pakistan’s export narratives.
“With the right policy framework, refineries can contribute significantly to exports, environmental compliance, and international trade,” Qureshi added. Ends
