Pakistan has traditionally imported oil from the Middle East, with Saudi Arabia being the largest crude oil exporter to the country. The arrival of the second US crude oil cargo at Cnergyico’s Single Point Mooring (SPM) marks another milestone in Pakistan’s energy and industrial journey.
Commissioned in 2012 with an investment of $120 million, the SPM was an ambitious project that initially faced scepticism from many industry observers, particularly within the public sector. Since its commissioning, over 150 million barrels of crude oil have been imported through Cnergyico’s SPM. It remains Pakistan’s only facility capable of receiving large vessels such as Suezmax and VLCC tankers.
The second ship carrying US crude oil was berthed at the SPM on Wednesday.
When the United States imposed global tariffs, Pakistan faced a pressing challenge of a trade imbalance exceeding $3 billion. The government sought to address this by boosting exports and exploring opportunities for energy imports. While the US administration extended relatively low tariff rates for Pakistan, the burden to balance trade still fell largely on the private sector.
Pakistani exporters responded by expanding market reach, while energy imports, an essential component of trade realignment, were spearheaded by private enterprises.
“Cnergyico’s initiative to independently import US crude oil is a case in point, demonstrating that national resilience often begins with private enterprise rather than bureaucracy,” industry officials say.
In recent years, Pakistan’s refining industry has faced uncertainty, particularly around the brownfield refinery policy. This policy vacuum created operational and investment hurdles for local refineries. The establishment of the Special Investment Facilitation Council (SIFC) changed that dynamic by introducing coordination, policy clarity, and a focus on removing bureaucratic bottlenecks.
Recognising refineries as strategic national assets, the SIFC, along with the current Minister for Petroleum, took concrete steps to stabilise and support the sector. This proactive approach has been critical, especially amid regional tensions and shifting global energy dynamics.
The refinery upgrade initiative will not only save foreign exchange but also bring investment of over $6 billion into the sector.
“From Cnergyico’s SPM to exporters, manufacturers, and IT firms, private enterprises are expanding capacity, replacing imports, and earning foreign exchange despite institutions like the FBR and other regulators treating them with hostility,” said an industry official. “Despite challenges, the private sector remains the true engine of national progress.”