KARACHI: Pakistan received its first-ever US crude oil cargo on Wednesday, when the vessel MT Pegasus, carrying one million barrels of West Texas Intermediate (WTI) crude, docked at Cnergyico Pak Limited’s (CPL) offshore terminal in Hub, Balochistan.
“The arrival of [the country’s] first-ever US crude oil cargo marks an important milestone for the energy sector and for Cnergyico,” said Usama Qureshi, vice chairperson of Cnergyico Pak Limited.
He told The News that the first shipment will be followed by another in mid-November and a third in January 2026. “Collectively, these three cargoes are expected to improve Pakistan’s trade balance with the US by around $200 million.”
He said that by utilising our single point mooring (SPM) facility — Pakistan’s only offshore crude handling terminal — Cnergyico can efficiently receive large vessels, reduce logistics costs and enhance refinery operations.
“These imports not only diversify Pakistan’s crude supply but also strengthen bilateral trade ties and contribute to the country’s long-term energy security,” he added.CPL placed the order for this cargo in August after Pakistan and the United States entered into an agreement for US energy imports by Pakistan. The first order was followed by two more orders by the refinery in September this year.
CPL operates Pakistan’s only SPM terminal capable of handling large tankers.Usama said that CPL’s SPM has the handling capacity of one million barrels of crude oil, whereas other ports in the country can only handle half that amount. He added that this vessel has entered Pakistan’s territorial waters for the first time.
Regarding the financial viability of US crude imports given the long distance, the CPL executive said that the refinery is a commercial entity and the decision was taken on a commercial basis, as US crude oil is slightly cheaper than Brent.He added that CPL’s SPM has the capability to handle large vessels, which makes the cargo economical despite the long distance from the US to Pakistan, which increases freight charges.