Cnergyico, Pakistan's largest oil refiner, has announced that it recently purchased Black Sea CPC Blend. This is the first time this grade has been imported into Pakistan.

CPC Blend is an oil blend from Kazakhs and Russians that is exported from the Black Sea port in Russia, Yuzhnaya Ozereyevka. It is used primarily to make gasoline or petrochemicals.

Cnergyico's spokesperson stated, "We purchased CPC blend crude oil. CPC blend crude oil produces higher motor gasoline and lower oil fuel than Urals. This makes it more suitable."

The spokesperson stated that the CPC Blend was purchased after "doing due diligence in accordance with policies and procedures," without giving further details.

"Pakistan crude's slate is dominated mainly by Saudi and Emirati grades." Viktor Katona, head of crude analysis at Kpler Energy consultancy said that the Cnergyico refining plant in Balochistan is more adventurous with its feedstock. It mixes cargoes coming from Russia and the UAE.

Cnergyico announced that it would purchase Russian Urals crude oil in 2023. This will be the first shipment of Russian oil to come from the private sector. Prior to that purchase, Pakistan's government bought Russian oil under a government-to-government agreement.

Cnergyico claims to have a refining capacity 156,000 barrels of oil per day.

Data from LSEG's energy consultancy Kpler revealed that in August and Septembre, two tankers each carrying 100,000 metric tonnes of CPC Blend delivered the blend to Cnergyico’s single-point mooring buoy near Karachi.

SPM is Pakistan’s only floating liquid container port. It allows Cnergyico's refinery to store oil and other products 15 km away via undersea pipes and onshore pipelines. Reporting by Gibran Peshimam and in Moscow; editing by Alexander Smith

(source: Reuters)