Cnergyico boosts US oil purchases to cut Hormuz supply risks

August 18, 2026 (MLN): Pakistan’s largest refiner Cnergyico is increasing purchases of U.S. crude as the disruption around the Strait of Hormuz prompts Islamabad to diversify oil supplies and reduce reliance on Gulf shipping routes.

The refiner imported around 8.1 million barrels of U.S. crude over the past nine months, including 7.1 million barrels valued at nearly $750m during the fiscal year ended June, according to Vice Chairman Usama Qureshi, as reported by Reuters.

Cnergyico is evaluating whether to make additional spot purchases or enter longer-term supply agreements with Vitol and other suppliers, with pricing, reliability and supply security among the key considerations.

The company could further raise U.S. crude imports if Pakistan’s proposed U.S. EXIM Bank trade-finance facility becomes available to the refiner. The facility would allow Pakistani buyers to defer payments to U.S. exporters for up to three years.

Pakistan’s payments for U.S. imports increased by $914m to $3.27bn during the fiscal year, with Cnergyico’s U.S. crude purchases accounting for about 80% of the increase.

The country traditionally sources most of its oil from Saudi Arabia and the UAE, while around 90% of its oil and LNG imports previously moved through the Strait of Hormuz.

Cnergyico is also assessing the development of a second offshore mooring connected to its storage network, allowing larger tankers to load and unload refined products outside Karachi’s congested ports.

The proposed facility forms part of a $1.2bn refinery upgrade aimed at achieving Euro V fuel standards, reducing furnace-oil production and increasing refining capacity to around 200,000 barrels per day.

The diversification drive comes as higher fuel costs and disruptions to regional energy routes increase pressure on Pakistan to secure alternative sources of crude, including supplies routed through Saudi Arabia’s Red Sea port of Yanbu.

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