Pakistan's largest refiner expands US crude imports amid Hormuz disruption

Dawn reported, citing Reuters, that Cnergyico, the country's largest refiner, is taking in more American crude as the government seeks to spread its energy sourcing beyond the Gulf. The move follows the Iran war, which disrupted shipments and exposed heavy reliance on Gulf routes. Islamabad also hopes higher US purchases will narrow its trade surplus and help secure lower tariffs from US President Donald Trump.

Vice Chairman Usama Qureshi said the company, having started buying US crude last year, is weighing spot cargoes alongside term deals with Vitol and other suppliers. Over nine months it took in roughly 8.1 million barrels, with purchases of about $750m recorded in the fiscal year to June. Central bank data shows US import payments rose $914m to $3.27 billion that year, and the refiner's purchases equal about 80 per cent of that increase.

He added that the refiner could buy more if a proposed EXIM Bank trade-finance facility is extended to it, which would let buyers postpone paying American exporters by up to three years. Most of Pakistan's oil comes from Saudi Arabia and the UAE, while roughly 90pc of its oil and LNG imports passed through Hormuz before the war. Cnergyico is also weighing a second offshore mooring and a $1.2bn Euro V upgrade that would cut furnace oil output and lift capacity to roughly 200,000 barrels daily.