KARACHI: An adviser to the Pakistani finance ministry said this week the United States had shown “keen investment interest” in Pakistan’s oil and gas sector and noted that the country enjoyed one of the most competitive US tariff rates in the region.
Last week, the US administration imposed a 19% reciprocal tariff on a wide range of Pakistani goods, significantly lower than the initially proposed 29%, under a sweeping new executive order signed by President Donald Trump. In long-drawn out trade talks, Islamabad had been aiming for a tariff less than regional trade rivals such as Vietnam, which had a 20% tariff imposed by Trump, and India, on whose goods an additional 25% tariff was imposed this week, with the US president citing New Delhi’s continued imports of Russian oil.
“Pakistan stands at 19 % [US tariffs], the lowest in South & Southeast Asia,” Khurram Schehzad, Adviser to the Finance Minister of Pakistan, wrote in a post on social media platform X.
“In addition, US showed its keen investment interest in Pakistan’s Oil & Gas sector to build massive reserves.”
Schehzad also cited figures showing higher tariffs recently imposed on India and other countries by the United States, saying:
“President Trump has imposed an additional 25% tariff on India, taking the total US tariff to 50 percent! With this penalty, India now faces the highest US tariff, matched only by Brazil.”
He listed the top five countries facing the highest US tariffs globally as: India – 50%, Brazil – 50%, Syria – 41%, Laos – 40% and Myanmar – 40%.
Last week, Trump had trumpeted a pact to help develop Pakistan’s oil reserves.
“We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves,” Trump wrote on social media. “We are in the process of choosing the Oil Company that will lead this Partnership.”
On August 1, the vice chairman of Pakistan’s largest refiner, Cnergyico, told Reuters the company would import one million barrels of oil from Vitol in October, the country’s first-ever purchase of US crude following a landmark trade deal. The West Texas Intermediate light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Usama Qureshi said.
Oil is Pakistan’s biggest import item, and its shipments were valued at $11.3 billion in the year ended June 30, 2025, accounting for nearly a fifth of the country’s total import bill. The US import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, which account for nearly all of its oil imports.
Cnergyico could consider buying at least 1 million barrels of US oil a month after it evaluates the first shipment, given its current monthly demand stands at 4.6 million barrels, the company’s vice chairman told Reuters.
“It aligns well with domestic market requirements. Demand typically strengthens in the October–November period,” Qureshi said.
Separately, Finance Adviser Schehzad said Pakistan had registered a record number of companies in July 2025.
“Highest-ever number of company registrations in a single month with SECP [Securities and Exchange Commission of Pakistan] – over 4,000 companies registered in July 2025, with IT & e-Commerce leading the way!” he wrote, referring to the Securities and Exchange Commission of Pakistan.
The adviser also cited broader positive macroeconomic indicators, saying the new fiscal year was “off to a solid start, from low inflation, to better-than-target tax collection, competitive tariff with US’s investment interest in Pakistan, double-digit exports growth, to equity market making new highs.”
The comments come amid Pakistan’s push to attract foreign investment and improve its economic outlook following the approval of a $7 billion IMF program in late 2024.
