Pakistan’s oil refining company Cnergyico has finalized an agreement withthe US company Vitol to promote investment and advance cooperation in areasof mutual interest.
The agreement facilitated by Special Investment Facilitation Council willenable Pakistani products’ access to the American markets.
Under the agreement, tariffs imposed on Pakistani exports in the Americanmarkets will be reduced. The development will pave way for economiccooperation in energy, minerals, IT andcryptocurrency.
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Currently, the Pakistani oil company has a daily refinery processingcapacity of 156,000 barrels but upgradation of the refinery and installinga second offshore terminal in the next five years is also being considered.