By Staff Reporter
KARACHI: Pakistan took delivery of its first-ever cargo of US crude oil on Wednesday, docking a Suezmax tanker at Cnergyico Pk Ltd.’s offshore terminal in Balochistan and opening a new front in bilateral trade with Washington.
The MT Pegasus pulled into Cnergyico’s Single Point Mooring, the nation’s sole offshore crude-handling facility, carrying what the company said amounts to 1 million barrels sourced from Vitol Group. The arrival not only diversifies Pakistan’s energy imports but also stands as the largest crude tanker ever to call at a Pakistani port.
“This first shipment will be followed by another in mid-November and a third in January 2026,” Usama Qureshi, vice chairman of Cnergyico, said. “Collectively, these three cargoes are expected to improve Pakistan’s trade balance with the United States by around $200 million.”
The SPM setup allows efficient handling of supersized vessels like the MT Pegasus, slashing logistics costs and streamlining refinery feeds, Qureshi said. “These imports not only diversify Pakistan’s crude supply but also strengthen bilateral trade ties and contribute to the country’s long-term energy security.”
Cnergyico’s move builds on a string of firsts for the refiner. In 2023, it imported Pakistan’s first private-sector cargo of Russian crude, capitalising on Moscow’s export discounts. This September, the company ordered a second US cargo after deeming the initial purchase commercially viable, Qureshi said.
The shipments cap off a broader US-Pakistan trade thaw sealed July 31, when the two sides finalised an agreement to deepen economic links. US President Donald Trump touted the pact on Truth Social that day: “We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves. We are in the process of choosing the Oil Company that will lead this Partnership.”
Pakistan’s Finance Ministry described the deal as a “fresh start in economic cooperation”, with tariff cuts on Pakistani exports to the US aimed at lifting bilateral trade, drawing investment and expanding market access. Focus areas include energy, minerals, information technology and cryptocurrency, the ministry said in a statement.
Pakistan has long relied on Middle Eastern suppliers for the bulk of its crude needs. Cnergyico’s US foray, the country’s first, underscores a pivot toward broader sourcing amid volatile global markets. The August report of the inaugural Vitol cargo set the stage, with Wednesday’s arrival kicking off what Qureshi called “an important milestone for the country’s energy sector and for Cnergyico.” “The arrival of Pakistan’s first-ever US crude oil cargo marks an important milestone,” he said. The SPM facility “can efficiently receive large vessels, reduce logistics costs, and enhance refinery operations,” Qureshi added.
With the second US cargo due mid-November and a third slated for 2026, Cnergyico is positioning itself at the vanguard of Pakistan’s energy diversification. The $200 million trade-balance swing from the trio of shipments highlights the pact’s early payoff, as Islamabad seeks to balance its import-heavy ledger with Washington.
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