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KARACHI: Pakistan’s first-ever cargo of United States crude oil is set to dock on Wednesday at Cnergyico Pk Ltd’s offshore terminal near Balochistan, the company said, calling it a historic step in diversifying the nation’s energy imports and expanding trade with Washington.

The Suezmax-class vessel MT Pegasus, carrying 1 million barrels of West Texas Intermediate (WTI) crude, was loaded in Houston on September 14 and is expected to berth later today, Wednesday, at Cnergyico’s Single Point Mooring (SPM) facility. It will be the largest crude oil tanker ever to dock at a Pakistani port, according to the company.

Cnergyico said the shipment follows a bilateral trade deal between Islamabad and Washington that allows direct energy imports from the US. The cargo represents Pakistan’s first crude purchase outside the Middle East, which currently supplies over 90 percent of its oil, and signals a shift toward a broader energy partnership with the United States.

“This is a historic day for Pakistan’s energy sector,” Cnergyico said in a statement, adding that the arrival of MT Pegasus “marks the beginning of a new era in Pakistan-US trade relations.”

The Karachi-based refiner, Pakistan’s largest with a capacity of about 156,000 barrels per day, operates the country’s only offshore mooring system capable of handling large oil tankers. Cnergyico said it plans to import a second US cargo in mid-November and a third in early 2026 as part of its long-term strategy to diversify supply sources.

Industry observers say the use of lighter, low-sulfur US WTI crude could help improve refining margins and reduce reliance on heavier Middle Eastern grades, giving Pakistan more flexibility against global supply disruptions.

Cnergyico previously set a national record in FY 2017 when it handled the then-largest crude vessel at its SPM. The company said today’s scheduled docking of MT Pegasus will break that record, underscoring its role in modernizing Pakistan’s refining and logistics infrastructure.

“We are proud to lead Pakistan’s energy sector into a new era by successfully handling the country’s largest-ever crude oil vessel,” the company said.

ISLAMABAD: Pakistan’s fragile economic stabilization is at risk from fresh floods that threaten to undo hard-won gains, the World Bank said in its Pakistan Development Update released this week, warning that growth will slow to 3 percent in FY 2026 and inflation will rise to 7.2 percent.

After a year of recovery marked by a sharp decline in inflation to 4.5 percent, a record primary surplus of 2.4 percent of GDP, and the first current-account surplus in two decades, the Bank cautioned that such growth was “insufficient to materially improve living standards,” particularly amid job market pressures.

The improvements reflect reforms under Pakistan’s $7 billion IMF Extended Fund Facility, which has helped narrow fiscal and external deficits through tighter policy and a market-based exchange rate.

“Recent floods threaten these gains, cutting projected growth to 3 percent in FY 2026 and raising inflation to 7.2 percent, which is insufficient for jobs and living standards,” the World Bank said in its report titled ‘Staying the Course for Growth and Jobs.’

The report said Pakistan’s labor force continues to expand by around 1.6 million workers each year, while limited private investment and weak productivity growth prevent the economy from creating enough jobs.

Exports remain another major constraint, accounting for only 10 percent of GDP — roughly half Bangladesh’s share — highlighting Pakistan’s low participation in global value chains. The Bank said high tariffs, complex customs procedures and standards compliance costs continue to “raise trade costs and reduce competitiveness.”

The World Bank backed Pakistan’s ongoing tariff reform plan, which aims to halve import duties by 2030 and, if fully implemented, could raise exports by 14 percent, increase GDP by 0.2 percent, and create about 300,000 jobs.

It called on Pakistan to sustain reforms that have restored short-term stability, including maintaining a market-determined exchange rate, broadening the tax base, improving customs efficiency, and advancing privatization to crowd in private investment.

“Staying the course on structural reforms will be critical to consolidate stability and generate the growth and jobs needed to lift living standards,” the report said.