Pakistan eyes US crude to cut Trump tariffs

According to The Express Tribune, citing Reuters, Cnergyico, Pakistan's largest refiner, is increasing purchases of American crude as the government looks to spread its energy sourcing. The move follows supply disruption linked to the Iran war, which exposed the country's reliance on Gulf routes. Vice Chairman Usama Qureshi said the company has been importing US crude since last year, with roughly 8.1 million barrels arriving over nine months.

Of that volume, 7.1 million barrels, worth about $750 million, arrived in the fiscal year that ended in June. Central bank figures show Pakistan's US import payments increased by $914 million, reaching $3.27 billion in that period. Qureshi added that the refiner is weighing spot cargoes alongside term deals with Vitol and other providers, judging cost, dependability and security of supply.

Separately, the government has asked refineries to speed up modernisation under an amended brownfield policy, setting a six-year overall project period. Refineries that finish upgrades within three years will receive an additional 0.5% benefit, according to sources cited in the report. Attock Refinery, National Refinery and Pakistan Refinery executives were among those who attended the meeting with Petroleum Minister Ali Pervaiz Malik, where the cabinet decision was conveyed.