Pakistan set to receive first US oil cargo in October after historic trade deal

#Pakistan #set #receive #oil #cargo #October #historic #trade #deal

KARACHI/Singapore: Pakistan’s largest refiner, Kanjiko, will import one million barrels of oil from Vitol in October, its Vice Chairman Osama Qureshi told Reuters on Friday, and he purchased the country’s first US raw after a major trade agreement.

Qureshi said that West Texas Intermediate (WTI) Light Raw Cargo will be filled with Houston this month and is expected to arrive in Karachi in the second half of October.

He told Reuters, “This is a test spot cargo under our umbrella -term agreement with the Vatolor. If it is commercially viable and available, we can import at least one cargo every month.”

Finance Minister Mohammed Aurangzeb began the development a few hours after a progress with the Trump administration at a meeting with the US Secretary of Commerce, Howard Lotank, and US Trade Representative, Ambassador Jameson Greer, with the Trump administration.

After the agreement, which began for the first time in April, after months of talks, US President Donald Trump said after threatening to impose imports from Pakistan.

Although specific details from Islamabad or Washington have not been revealed on the trade agreement, the Ministry of Finance has said that the deal will “reduce mutual prices, especially export to the United States on Pakistani exports” – which will lead to a new start in bilateral economic cooperation.

The ministry added, adding that the agreement is aimed at promoting bilateral trade, improving market access, attracting investment, and strengthening cooperation in sectors of mutual interest.

Announcing an agreement on social media a day ago, Trump said, “We have just signed an agreement with the country, under which Pakistan and the United States will work together to produce their large -scale oil reserves.”

Spreading on an important aspect of the trade agreement, President Trump indicated that the two countries are currently “in the selection of oil company” that will guide the partnership.

Under the aforementioned understanding, Pakistan and the United States will also focus on energy, minerals, information technology, cryptocurrency and other important sectors.

It added that the deal would help Pakistan grow trade relations with the United States and improve access to each other’s markets. “It is expected that US investment will be made in Pakistan’s infrastructure and development projects.”

The trade agreement is likely to attract US investment, Finance Minister Aurangzeb said that this development now reflects a wider economic and strategic partnership that is now taking shape.

According to the US Trade Representative’s Office website, according to the US Trade Representative’s Office’s Office website in 2023, it is noteworthy that the US total goods trade trade in 2024 was estimated at $ 7.3 billion in 2024.

In 2024, the US goods trade deficit with Pakistan was $ 3 billion, an increase of 5.2 percent over 2023.

Aurangzeb says the form of a wider partnership is

Finance Minister Senator Mohammad Aurangzeb told Geo News that Pakistan and the United States have agreed to advance trade and investment after a key meeting in Washington.

After talks with US trade secretary Howard looting and commercial representative Jameson Greer, Aurangzeb termed the meeting constructive, saying the two sides had finalized the trade agreement during the debate.

“This agreement reflects a wider economic and strategic partnership that is now shaping,” he said.

The Minister thanked all the people in the talks and said that the private sector has played an important role and will continue to support them in particular to reduce the trade imbalance.

According to the US Trade Representative’s Office website, according to the US Trade Representative’s Office website in 2023, the US overall goods trade trade in 2024 was estimated at $ 7.3 billion.