Pak to buy oil from US after Trump says he’ll ‘develop’ Pak’s oil reserves
In a sudden turn of events, Pakistan’s largest refiner, Cnergyico, has sealed a deal to import 1 million barrels of crude oil from the United States, making this the country’s first-ever oil purchase from the US. This move comes after US President Donald Trump announced that his administration would work to “develop oil reserves” in Pakistan. Notably, Trump also decreased Pakistan’s tariff from 29% to 19%, a significant reduction that is expected to benefit the country’s oil importers.
The development is a significant shift in Pakistan’s energy landscape, as the country has traditionally relied on oil imports from the Middle East and Africa. The move is seen as a result of Pakistan’s efforts to diversify its energy sources and reduce its dependence on imports from other regions.
Cnergyico, Pakistan’s largest refiner, has signed a deal with a US-based company to import 1 million barrels of crude oil, according to a report by Reuters. The company has not disclosed the name of the US-based company, but sources close to the deal have confirmed that it is a major oil producer in the US.
The deal is expected to have a significant impact on Pakistan’s energy sector, as it will reduce the country’s dependence on imports from other regions and provide a more stable supply of oil. The move is also seen as a strategic shift, as Pakistan seeks to strengthen its ties with the US and reduce its reliance on other countries.
Trump’s announcement of plans to “develop oil reserves” in Pakistan has been seen as a significant development, as it marks a shift in the US’s stance on Pakistan’s energy sector. Previously, the US had been critical of Pakistan’s energy policies, and had called for the country to diversify its energy sources.
However, Trump’s announcement has been met with skepticism by many, who have questioned the feasibility of the plan. Pakistan’s oil reserves are estimated to be around 30 billion barrels, but extracting them would require significant investment and technological expertise.
Despite the skepticism, the deal between Cnergyico and the US-based company is seen as a positive development, as it marks a significant step towards diversifying Pakistan’s energy sources. The move is also expected to benefit the country’s economy, as it will reduce the country’s dependence on imports and provide a more stable supply of oil.
Pakistan’s energy sector has been facing significant challenges in recent years, as the country has struggled to meet its growing energy demands. The country’s energy crisis has had a significant impact on its economy, as it has led to power outages and fuel shortages.
The deal between Cnergyico and the US-based company is seen as a step towards addressing the country’s energy crisis, as it will provide a more stable supply of oil and reduce the country’s dependence on imports. The move is also expected to benefit the country’s economy, as it will reduce the country’s dependence on imports and provide a more stable supply of oil.
In addition to the economic benefits, the deal is also seen as a strategic shift, as it marks a significant step towards strengthening Pakistan’s ties with the US. The country has traditionally been a key ally of the US in the region, and the deal is seen as a significant step towards deepening that relationship.
The deal is also seen as a significant development in the context of the global oil market, as it marks a shift towards more diversified energy sources. The global oil market has been facing significant challenges in recent years, as the US has become a major oil producer and the Middle East has become a major player in the global energy market.
In conclusion, the deal between Cnergyico and the US-based company is a significant development in Pakistan’s energy landscape, as it marks a shift towards more diversified energy sources and a more stable supply of oil. The move is also seen as a strategic shift, as it marks a significant step towards strengthening Pakistan’s ties with the US.
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