Pakistan Refiner Boosts US Crude Imports Amid Hormuz Risks

Pakistan's largest refiner, Cnergyico, is significantly increasing US crude imports, buying 8.1 million barrels, including $750m worth in the last fiscal year, to diversify energy supplies following disruptions in Gulf routes due to the Iran war. This strategic shift also aims to narrow Pakistan's trade surplus with the US and secure tariff reductions, with US crude purchases accounting for about 80% of the $914m rise in US import payments. With 90% of Pakistan's oil previously passing through Hormuz, this move enhances energy security and could cut freight costs by 25-30%. This diversification, alongside efforts to manage rising fuel costs and inflation, could contribute to greater economic stability, potentially easing pressure on the PKR and influencing local gold prices.

بحوالہ / Source: www.dawn.com