ISLAMABAD: In a significant move to strengthen economic ties between Pakistan and the United States, Pakistan’s leading oil refining company Cnergyico has signed an agreement with US-based energy and commodities firm Vitol to promote investment and expand cooperation in key sectors.
The agreement, facilitated by the Special Investment Facilitation Council (SIFC), is expected to enhance Pakistani products’ access to American markets. One of the major highlights of the deal includes a reduction in tariffs on Pakistani exports to the United States.
According to officials, the agreement will open new avenues for bilateral cooperation in energy, minerals, information technology, and cryptocurrency, marking a strategic expansion beyond conventional trade.
Cnergyico, which currently operates with a daily refining capacity of 156,000 barrels, is also considering a major infrastructure upgrade. Plans include the modernization of its refinery and the installation of a second offshore terminal within the next five years to support growing demand and improve energy logistics.
The partnership is also expected to bring in advanced technologies and best practices in the energy sector through Vitol’s global expertise. This could significantly boost operational efficiency, reduce environmental impact, and improve the overall competitiveness of Pakistan’s energy industry.
Officials familiar with the negotiations said that the agreement reflects growing international confidence in Pakistan’s investment climate, particularly in the wake of structural reforms introduced by the SIFC to streamline foreign investment processes and ensure regulatory transparency.
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