4 days ago
- Business
- Business Recorder
Cnergyico announces key appointments
Pakistan's largest refiner Cnergyico announced on Wednesday key appointments made by the board at its meeting held today.
The development was shared in a notice to the Pakistan Stock Exchange (PSX) today.
As per the notice, Amir Abbasscly was reappointed as the Chief Executive Officer effective August 6.
Meanwhile, Uzma Abbasi was reappointed as the Chairperson of the Board of Directors, and Usama Qureshi was reinstated as the Vice Chairman of the Board of Directors of the company.
'The Vice Chairman will continue to support the Chairperson in leading the Board and contributing to the Company's strategic oversight and governance responsibilities,' the notice read.
Earlier, Cnergyico said it will import 1 million barrels of oil from Vitol in October, marking the country's first-ever purchase of US crude following a landmark trade deal.
The West Texas Intermediate (WTI) light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in second half of October.
The deal follows months of multiple negotiations which first began in April after US President Donald Trump threatened to impose 29% tariffs on imports from Pakistan.
