Pakistan’s largest refiner Cnergyico is buying more US crude as Islamabad seeks to diversify the country’s energy supplies after disruption caused by the Iran war exposed its dependence on Persian Gulf routes.
Pakistan also wants to increase imports from the US to help narrow its trade surplus and secure reductions in trade tariffs imposed by President Donald Trump.
Cnergyico, which first bought US crude last year, is also considering spot purchases against longer-term contracts with Vitol and other suppliers based on “pricing, reliability and supply security”, Vice Chairman Usama Qureshi told Reuters.
Cnergyico imported about 8.1 million barrels of US crude over nine months, including 7.1 million worth about $750 million in the fiscal year ended June, Qureshi said.