Pakistan refiner Cnergyico expands US crude imports amid Hormuz disruption

Business Recorder reported that Cnergyico, the country's biggest refiner, is bringing in more crude from the United States as Islamabad looks to widen its supplies. The shift follows the Iran war, which showed how heavily Pakistan relied on Gulf shipping lanes. Cnergyico began buying US crude last year and is now weighing spot cargoes alongside longer-term deals with Vitol and other sellers.

Vice Chairman Usama Qureshi told Reuters that Cnergyico brought in about 8.1 million barrels of US crude over nine months, with purchases in the fiscal year ended June valued at about $750 million, including 7.1 million barrels. Central bank figures show Pakistan's US import payments climbed $914 million to $3.27 billion, and Cnergyico's buying accounts for roughly 80% of that rise. Qureshi added that more buying is possible if an EXIM Bank trade-finance scheme, floated by Islamabad last month, is opened to the refiner.

Fuel costs have added pressure on the government as protests over inflation flared this week. About 90% of Pakistan's oil and LNG imports passed through Hormuz before the war, and its oil mainly comes from Saudi Arabia and the UAE. Cnergyico is also reviewing a second offshore mooring, while a $1.2 billion project targets Euro V compliance and capacity of roughly 200,000 barrels daily. Fawad Basir of KTrade Securities said recent Middle East turmoil exposed the hazards of depending on one supply corridor.