Islamabad (TDI): Pakistan has taken a significant step toward diversifying its energy sources with a $430 million crude oil deal from the United States, reducing reliance on the Strait of Hormuz and easing trade pressures.
In a private sector transaction, Cnergyico Pk has agreed to import six million barrels of US West Texas Intermediate (WTI) crude. The deal, among the largest private-sector crude imports from the US, was completed without government guarantees or financing, limiting public-sector exposure, according to The Express Tribune.
Half of the shipment, three million barrels, has already been processed at Cnergyico’s refinery, with the remaining three cargoes en route: one scheduled for February and two in March, ensuring uninterrupted crude supply for the coming months.
The deal not only supports commercial objectives but also strengthens Pakistan’s energy security. By sourcing from the US, the country reduces dependence on traditional Middle Eastern suppliers and mitigates risks associated with the geopolitically sensitive Strait of Hormuz.
A critical enabler of this diversification is Pakistan’s Single Buoy Mooring (SBM) facility, the nation’s only deep-sea offshore crude handling system. The SBM allows direct unloading of very large crude carriers offshore, transporting crude through an underwater pipeline to the refinery. The facility enhances supply chain resilience, lowers port congestion, reduces freight and demurrage costs, and enables imports from distant sources such as the US and Africa.
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Usama Qureshi, Vice Chairman of Cnergyico Pk, said the transaction demonstrates the private sector’s role in supporting national economic objectives. “Expanding crude imports from the US reduces the trade deficit, lowers reliance on traditional routes like the Strait of Hormuz, and strengthens energy security while cushioning the economy against external shocks,” he said.
Cnergyico has also expanded its export operations, supplying Very Low Sulphur Fuel Oil and providing bunkering services to international shipping lines in partnership with global energy major Vitol, generating foreign exchange inflows and enhancing Pakistan’s position in the global marine fuels market.
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The deal highlights the importance of diversified sourcing, resilient infrastructure, and private sector initiatives in supporting Pakistan’s economic stability and energy security amid regional and global uncertainties.
