Karachi: Pakistan's oil refining company Cnergyico has finalized an agreement with the US company Vitol to promote investment and advance cooperation in areas of mutual interest.

According to Radio Pakistan, the agreement, facilitated by the Special Investment Facilitation Council, will enable Pakistani products' access to the American markets. Under the agreement, tariffs imposed on Pakistani exports in the American markets will be reduced. This development is expected to pave the way for economic cooperation in sectors such as energy, minerals, IT, and cryptocurrency.

Currently, Cnergyico has a daily refinery processing capacity of 156,000 barrels. Plans for upgrading the refinery and installing a second offshore terminal in the next five years are also under consideration.