����ֱ��

KARACHI: Pakistan has doubled its oil import cargoes to two million barrels from the United States and will receive the first shipment from its supplier Vitol on October 30, said Usama Qureshi, vice chairman of Cnergyico PK Limited, the country’s largest oil refiner and fuel marketer.

The company, which operates a refinery with a capacity of 156,000 barrels per day, is importing West Texas Intermediate (WTI) light crude for the first time in Pakistan’s history.

The South Asian nation has so far relied on Gulf suppliers, particularly the United Arab Emirates and ����ֱ��, to meet its energy needs.

“We have booked two cargoes in total,” Qureshi told Arab News on Tuesday. “The first shipment will arrive in Karachi on October 30, followed by the second on November 15.”

The Cnergyico official confirmed that his company had doubled its one-million-barrel oil imports for October and November cargoes.

“Each shipment consists of one million barrels of American crude,” he said.

Cnergyico’s current deal with Vitol came after Pakistan and the US negotiated and struck a trade deal that slashed US President Donald Trump’s 29 percent reciprocal tariffs on Pakistani imports to 19 percent.

The import plan is expected to help Pakistan diversify its crude sourcing and is being seen as part of Islamabad’s efforts to reduce its approximately $3-billion trade surplus with Washington, in line with Trump’s policy.

Cnergyico’s shipments are valued at $150 million, which would further narrow the trade deficit, said Qureshi.

Rabbiya Khalid, a public relations officer at Pakistan’s energy ministry, did not respond to questions seeking her comment.

Last fiscal year, Pakistan imported petroleum products worth $16 billion, which were the largest item on the nation’s $58.4 billion import bill, according to Pakistan Bureau of Statistics data.

Cnergyico may increase its oil imports from the US if the first test spot cargo is evaluated as commercially viable.

“If the pricing and premiums remain favorable and the gross refining margins are better than those for Arab crudes and other West African lighter crudes, then we may consider further purchases,” he added.

The company is also assessing the viability of potential cargoes for January and February.

“There is no decision yet to buy monthly cargoes,” said the vice chairman of Cnergyico.

The company plans to upgrade its refinery and build a second offshore terminal called a Single Point Mooring to start exports.

Its first mooring has been operational since 2012 and is the only offshore facility in Pakistan that handles large cargoes.

ISLAMABAD: Pakistan and Rwanda have discussed a proposal to link Karachi Port with East African exports through a direct maritime corridor to Djibouti and Mombasa to bolster regional and global trade, the Maritime Affairs Ministry said on Tuesday.

The development came during a meeting between Maritime Affairs Minister Junaid Anwar Chaudhry and Rwandan Ambassador Hararimana Fatou in Islamabad.

Pakistan’s position on the Arabian Sea already gives it a strategic advantage in linking Gulf energy exporters with China and Central Asia. As regional trade and shipping routes expand, Islamabad seeks to position its ports as key hubs in new transport corridors.

“Direct maritime corridor to Djibouti and Mombasa is required,” the Maritime Affairs Ministry quoted Chaudhry as saying.

“The new shipping line is expected to reduce time and cost significantly,” he continued. “Pakistan [also] wants to make Gwadar an export hub for African trade.”

Gwadar Port, a deep-sea facility on Pakistan’s southwestern coast, sits near the Arabian Gulf and key global shipping routes.

As part of the China-Pakistan Economic Corridor, it aims to boost trade, attract investment and connect China and Central Asia to global markets.

On the occasion, the Rwandan envoy called for establishing business-to-business forums between the two countries.

“Rwanda can increase trade through East African ports,” the ministry quoted her as saying.

Pakistan has been planning Saudi-linked port and shipping projects, including new gateway terminals, direct shipping routes and green ship-recycling yards, as part of efforts to become a logistics bridge between the Gulf, Central Asia and China.

Karachi Port and Port Qasim, Pakistan’s two largest and busiest seaports, handle most of the country’s container and cargo traffic.