Pakistan's Landmark U.S. Oil Import Deal: A Game-Changer
Cnergyico, Pakistan's largest refiner, will import 1 million barrels of U.S. crude from Vitol, marking the country's inaugural U.S. oil purchase. This comes as part of a trade deal after President Trump threatened tariffs. The move aims to diversify Pakistan's oil sourcing and reduce Middle Eastern dependency.
In a significant development, Cnergyico, Pakistan's largest oil refiner, has announced the import of 1 million barrels of U.S. crude from Vitol. This transaction represents Pakistan's inaugural purchase of American oil, marking a pivotal shift in its energy strategy following a landmark trade agreement.
Usama Qureshi, Cnergyico's Vice Chairman, stated that this purchase is a test under a larger agreement with Vitol. Should it prove commercially viable, future monthly imports are possible. This arrangement has been in the making since April after U.S. President Donald Trump threatened tariffs on Pakistani imports.
The deal reflects a burgeoning partnership between the two nations, with the U.S. imposing a 19% tariff. Pakistan's diversification strategy aims to reduce dependency on Middle Eastern oil, which comprises most of its $11.3 billion annual oil import bill. Plans are underway to enhance Cnergyico's refinery capabilities, anticipating growth in domestic demand.
(With inputs from agencies.)
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