Pakistan refiner diversifies US crude imports

Pakistan's largest refiner, Cnergyico Pk Limited, is increasing its purchases of US crude oil to diversify energy supplies after disruptions in the Strait of Hormuz, caused by the Iran war, exposed the country's heavy dependence on Gulf shipping routes. Cnergyico Pk Limited imported about 8.1 million barrels of US crude over nine months, including 7.1 million barrels worth about $750 million in the fiscal year ended June. The refiner is considering spot purchases alongside longer-term contracts with Vitol and other suppliers, based on pricing, reliability, and supply security. Pakistan also aims to increase US imports to narrow its trade surplus and secure tariff reductions from President Donald Trump. The refiner could further raise US crude purchases if it gains access to the proposed EXIM Bank trade-finance facility, which would allow Pakistani buyers to defer payments to US exporters for up to three years. Cnergyico Pk Limited is also evaluating a second offshore mooring as part of a $1.2 billion upgrade to expand capacity and meet Euro V standards. Rising fuel costs have triggered protests in Pakistan, prompting the government to seek alternative supply routes, including Saudi crude via Yanbu.