Pakistan receives first-ever US crude oil shipment

Pakistan on Wednesday received its first-ever shipment of US crude with the cargo arriving at Cnergyico’s offshore terminal, marking a new chapter in Pak-US trade relations.The cargo arrived aboard the Suezmax vessel MT Pegasus and docked at Cnergyico’s Single Point Mooring (SPM) port situated on the coast of Balochistan,, reported 24NewsHD TV channel on Wednesday.

The ship was departed from Houston on September 14, 2025.

Cnergyico is planning to import a second oil cargo in the middle of November, and the third consignment will be imported in 2026.

Cnergyico’s Vice Chairman Usama Qureshi said, “This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month.”

The deal follows months of negotiations that first began in April, he said, after US President Donald Trump threatened to impose 29% tariffs on imports from Pakistan.

Qureshi said Pakistan’s finance and petroleum ministries encouraged local refineries to explore US crude imports after the April tariff announcement.

Oil is Pakistan’s biggest import item, and its shipments were valued at $11.3 billion in the year ended June 30, 2025, accounting for nearly a fifth of the country’s total import bill.

The import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, which account for nearly all of its oil imports.

“Gross refining margin is on par with Gulf grades, and no blending or refinery tweaks are required,” Qureshi said.

Cnergyico could consider buying at least 1 million barrels of US oil a month after it evaluates the first shipment, given its current monthly demand stands at 4.6 million barrels, he said.

“It aligns well with domestic market requirements. Demand typically strengthens in the October-November period,” Qureshi said.

Cnergyico can process 156,000 barrels of crude per day and operates the country’s only single-point mooring terminal near Karachi, enabling it to handle large tankers unlike other refiners in Pakistan.

The company plans to install a second offshore terminal to allow larger or more frequent shipments, and to upgrade its refinery over the next five to six years, Qureshi said.

Reporter: Ashraf Khan