Cnergyico Announces Key Leadership Appointments

Cnergyico, a major refining company in Pakistan, has revealed recent board-level appointments made during Wednesday’s meeting.

The announcement was conveyed to the Pakistan Stock Exchange (PSX) through official notification.

According to the details, Amir Abbasscly has been reappointed to the role of Chief Executive Officer, with his term commencing on August 6.

In addition, Uzma Abbasi will continue to serve as the Chairperson of the Board of Directors, while Usama Qureshi has been designated once more as the Vice Chairman of the Board.

The notification stated, “The Vice Chairman will actively support the Chairperson in guiding the Board, contributing significantly to the company’s strategic direction and corporate governance.”

Previously, Cnergyico had indicated its intention to import 1 million barrels of oil from Vitol in October, which represents Pakistan’s inaugural acquisition of US crude following a significant trade agreement.

The West Texas Intermediate (WTI) light crude shipment is scheduled to depart from Houston within the current month and is projected to reach Karachi in the latter part of October.

This agreement concludes several months of discussions that initially began in April, subsequent to the former US President Donald Trump’s threat to enforce a 29% tariff on imports originating from Pakistan.