Cnergyico's Historic U.S. Oil Import: A New Era for Pakistan's Energy Market
Pakistan's largest refiner, Cnergyico, has announced the import of 1 million barrels of U.S. oil from Vitol in October. This marks Pakistan's first-ever U.S. crude purchase, following a significant trade agreement. The move aims to diversify crude sourcing and reduce reliance on Middle Eastern oil supplies.
Pakistan's largest refiner, Cnergyico, will import 1 million barrels of oil from Vitol in October. This marks the country's inaugural purchase of U.S. crude, following a landmark trade deal, as stated by Cnergyico's Vice Chairman Usama Qureshi on Friday.
The West Texas Intermediate light crude cargo is scheduled to be loaded in Houston and should arrive in Karachi by the latter half of October. This deal, a result of negotiations dating back to April, emerges after U.S. President Donald Trump threatened tariffs on Pakistani imports.
The trade agreement is set to aid Pakistan in diversifying its crude supply chain, essential as oil is its largest import item. The partnership with Vitol could potentially lead to further U.S. oil imports, bolstering the country's energy market and alleviating dependency on Middle Eastern suppliers.
(With inputs from agencies.)
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