Chevron plans to invest in new gas exploration in Bangladesh
Chevron officials said they were happy that the interim government has started clearing arrears worth hundreds of millions of dollars after the Hasina-led government stopped paying the company in the past two years
Chevron has planned to invest in new gas exploration in Bangladesh to bolster the country's energy security, senior officials of the US-based energy giant said today (3 December).
During a meeting with Chief Adviser Muhammad Yunus, Chevron officials expressed satisfaction that the interim government had begun clearing arrears amounting to hundreds of millions of dollars. These payments had been stalled for the past two years under the previous Sheikh Hasina-led government.
Chevron Vice President Frank Cassulo, who headed the delegation, said increasing gas demand, driven by growing economic activities and an improved business outlook, has motivated the energy giant to invest in new drilling operations in northeastern Bangladesh.
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"We will invest in new onshore gas exploration," he said when they met with the chief adviser at his official residence Jamuna in Dhaka, according to a statement from the CA's press wing.
The Chevron official added that new gas reserves would support the economic growth of the South Asian nation.
Professor Yunus welcomed Chevron's decision, stating that the interim government plans to enhance gas supplies to local companies amid rising economic activities.
"We are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively," Yunus said.
The chief adviser also highlighted significant reforms introduced by the interim government to improve the investment climate in Bangladesh.
Additionally, the head of the interim government praised Chevron's corporate social responsibility initiatives for local communities.
Lutfey Siddiqi, special envoy of the chief adviser, who also attended the meeting, reaffirmed the government's commitment to clearing Chevron's dues by April next year.
Chevron and Petrobangla – the state-owned oil, gas, and mineral corporation – reached a six-month repayment agreement shortly after the interim government assumed power in early August, following the ouster of Hasina's regime amid a mass uprising.
