Pakistan to import first cargo of Nigerian oil in September

Pakistan Refinery Limited (PRL) is set to import its first-ever cargo of Nigerian Bonny Light crude oil in September, as part of a growing shift among Asian refiners toward more competitively priced alternatives to traditional Middle Eastern supplies.

The purchase will be facilitated by global energy trader Vitol, two sources familiar with the matter told reporters on condition of anonymity, citing the confidential nature of the deal, Caliber.Az reports per foreign media.

The cargo, comprising 500,000 barrels of light, sweet crude, is expected to load later this month and arrive at the port of Karachi by late September. While the pricing details have not been disclosed, the move marks a significant diversification in Pakistan's crude sourcing strategy.

Neither Vitol nor PRL immediately responded to requests for comment.

The deal follows Pakistan’s first agreement to import US crude oil, also brokered by Vitol and destined for delivery in October to Cnergyico (CNER.PSX). These transactions signal a broader trend among regional refiners who are increasingly turning to non-Middle Eastern crude varieties such as US West Texas Intermediate (WTI) and Kazakh CPC Blend in response to elevated prices from key Gulf producers like Saudi Arabia and the United Arab Emirates.

Historically, Pakistan has relied heavily on Middle Eastern suppliers for its crude imports. Nearly all of its oil has been sourced from the Gulf, with Saudi Arabia and the UAE dominating the market. However, the current global pricing dynamics have prompted Pakistani refiners to explore alternative suppliers to optimize costs and improve refining margins.

According to vessel tracking and trade data from Kpler, Pakistan previously imported Nigerian Yoho crude in 2014. However, this latest shipment represents the country’s first recorded import of Bonny Light, a premium grade favored for its high yields of gasoline and diesel — products that are in strong demand domestically.

Crude oil remains Pakistan’s largest import commodity. In the fiscal year ending June 30, 2025, the country imported crude and petroleum products worth $11.3 billion, accounting for nearly 20% of its total import bill. The strategic pivot toward diversified sources like Bonny Light may help ease fiscal pressures and bolster energy security amid global supply uncertainties.

By Vafa Guliyeva