TRADE & ECONOMY
In a landmark development for Pakistan’s energy sector and its trade relations with the United States, the country on Wednesday received its first-ever shipment of US crude oil at Cnergyico’s offshore terminal located off the coast of Balochistan.
The cargo, carried aboard the Suezmax vessel MT Pegasus, docked at Cnergyico’s Single Point Mooring (SPM) — Pakistan’s only offshore crude handling facility capable of accommodating large oil tankers.
In August, reports indicated that Cnergyico had finalized a deal to import one million barrels of US crude oil from global energy trader Vitol, with the first delivery scheduled for late October.
Cnergyico’s Vice Chairman, Aamir Qureshi, hailed the event as “an important milestone for the country’s energy sector and for Cnergyico.” He confirmed that the initial shipment would be followed by two more consignments — one in mid-November and another in January 2026.
“Collectively, these three cargoes are expected to improve Pakistan’s trade balance with the United States by around $200 million,” Qureshi said.
He added that the SPM terminal plays a key role in reducing transportation costs and improving refinery efficiency.
“The facility allows large vessels to offload crude oil directly at sea, significantly cutting logistics expenses while ensuring a steady supply to local refineries,” he noted.
Qureshi further emphasized that the US crude imports mark a step toward diversifying Pakistan’s energy sources and strengthening bilateral trade ties, contributing to the country’s long-term energy security.
Cnergyico’s expansion into sourcing oil from multiple global markets follows its 2023 achievement of importing Pakistan’s first private-sector shipment of Russian crude, taking advantage of discounted oil exports from Moscow.
The company’s decision to pursue additional US crude orders came after finding the initial purchase commercially viable, paving the way for increased future imports.
Energy analysts view the deal as a sign of deepening economic cooperation between Pakistan and the US, particularly in the oil and energy domain, at a time when Islamabad seeks to stabilize fuel supplies and diversify away from traditional Middle Eastern sources.
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