ISLAMABAD: In one of the largest private-sector energy transactions from the United States, Cnergyico Pk Limited has imported 6 million barrels of West Texas Intermediate (WTI) crude worth approximately $430 million, with half already processed at its refinery and the remaining cargoes expected in February and March 2026.
Executed entirely on commercial terms without government guarantees or fiscal support, the deal is seen by analysts as a strategic move to ease Pakistan’s external account pressures and narrow the bilateral trade gap with Washington. Industry observers say the transaction highlights the private sector’s ability to support national economic objectives, while remaining largely underappreciated in the broader export narrative.
Speaking to The News, Usama Qureshi, Vice Chairman of Cnergyico, said the deal demonstrates the private sector’s capacity to advance economic goals independently of government intervention. “This trade has been executed entirely on commercial terms, without any government guarantees or fiscal support,” Qureshi said. “By increasing energy trade with the United States, we are contributing to reducing the trade deficit while easing pressure on the government.” Pakistan currently imports crude through Keamari Port, Port Qasim, and Cnergyico’s offshore Single Point Mooring (SPM) near Hub, Balochistan. While Karachi ports are restricted to vessels of around 500,000 barrels due to shallow drafts, Cnergyico’s SPM—commissioned in 2012 at a cost of $120 million—has a 26-metre draft capable of handling Aframax, Suezmax, and VLCC tankers, enabling larger shipments, lower freight costs, and improved supply efficiency.
Despite the longer voyage from the U.S. Gulf Coast, WTI crude has remained economically competitive, trading at a $3–4 per barrel discount to Dubai benchmark crudes, offsetting additional freight costs. Its lighter composition and low sulphur content also allow refineries to produce higher-value, cleaner refined products, which is increasingly important for Pakistan’s refining sector.
Cnergyico said WTI deliveries were economically viable for October, November, January, and February, while one million barrels of Bonny Light crude from Nigeria were imported in December due to favourable freight conditions—a flexibility enabled by the company’s deep-water SPM.
Industry experts say the model could be scaled to $1 billion in U.S. crude imports this financial year, provided regulatory and policy bottlenecks, particularly excess diesel imports, are addressed and locally refined products can compete fairly. “If the government and OGRA rationalise diesel imports and allow locally refined fuels to compete fairly, this model can be expanded substantially,” said a senior industry expert. “Such an approach would materially improve Pakistan’s trade balance and reinforce economic and diplomatic relations with the United States.”
Beyond imports, Cnergyico has expanded downstream operations, exporting Very Low Sulphur Fuel Oil (VLSFO) and providing bunkering services to international shipping lines, generating foreign exchange inflows and strengthening Pakistan’s presence in the regional marine fuel market.
However, industry veterans say the refining sector remains overlooked in national export recognition frameworks. A former petroleum-sector professional noted that fuel oil exports generated nearly $400 million last financial year, yet were largely absent from recent export awards.
“Refining is no longer just about meeting domestic demand,” Qureshi said. “With the right policy environment, refineries can contribute meaningfully to exports, environmental compliance, and international trade relationships.
