ISLAMABAD: Pakistan has taken a significant step toward diversifying its energy supply chain, with Cnergyico Pk striking a $430 million deal to import six million barrels of US West Texas Intermediate (WTI) crude. The private sector-led transaction marks one of the largest crude import arrangements between Pakistan and the United States, easing reliance on Middle Eastern suppliers and reducing exposure to the volatile Strait of Hormuz.
Three million barrels have already been processed at Cnergyico’s refining complex, demonstrating the company’s ability to handle varied crude grades. The remaining shipments, each carrying one million barrels, are scheduled to arrive between February and March, ensuring continuity of supply.
The deal carries broader economic implications. By concluding the transaction without sovereign guarantees or government financing, the initiative limits pressure on public finances while contributing to a narrower trade deficit through market-based investment. Energy analysts say the move strengthens Pakistan’s resilience against regional supply disruptions and enhances long-term energy security.
A key enabler of this diversification is the Single Buoy Mooring (SBM) facility, Pakistan’s only deep-sea offshore crude handling system. The SBM allows very large crude carriers to unload directly offshore, with crude transported to refineries via underwater pipelines. This infrastructure reduces port congestion, lowers freight costs, and enables long-haul imports from markets such as the US and Africa.
Usama Qureshi, Vice Chairman of Cnergyico Pk, said the transaction highlights the role of private sector initiatives in supporting national economic goals. “Expanding crude imports from the United States helps reduce the trade deficit while lowering dependence on traditional supply routes,” he noted. “Diversification strengthens energy security and cushions the economy against external shocks.”
Beyond crude imports, Cnergyico has expanded its export-facing activities, including supplying Very Low Sulphur Fuel Oil and offering bunkering services in partnership with global energy major Vitol. These operations have generated foreign exchange inflows and positioned Pakistan more prominently in the international marine fuels market, especially amid the global transition to cleaner shipping fuels.
As Pakistan continues to navigate economic challenges, the deal underscores how private sector-led initiatives can align commercial decisions with national energy security and economic stability.
