Energy giant Chevron is planning to invest in new gas exploration activities in Bangladesh in an effort to increase the country’s energy security, senior officials of the US-based company said.
Chevron officials said they were pleased that the interim government has started paying millions of dollars in arrears after the previous Sheikh Hasina government stopped paying the company over the past two years.
On Tuesday (December 3), Chevron officials led by the company’s Vice President Frank Casullo met with the Chief Adviser, Professor Muhammad Yunus, at the state guest house Jamuna.
Casullo said the growing demand for gas due to growing economic activity and business outlook has prompted Chevron to invest in new drilling activities in the northeastern part of the country.
He said, “We will invest in new offshore gas exploration. New gas reserves will boost the country’s economic growth.”
Chief Adviser Professor Muhammad Yunus welcomed Chevron's initiative to explore new gas reserves and said that the interim government plans to increase gas supply to local companies amid increased economic activity.
He added that we are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively.
During the meeting, the Chief Adviser outlined a summary of the reforms that the interim government has taken to ensure a good investment environment in the country.
Professor Yunus praised Chevron's social responsibility activities for the local community.
The meeting was attended by the Chief Adviser's Special Envoy Lutfe Siddiqui. He said that the government is committed to paying Chevron's dues by April next year. Chevron and Petrobangla reached an agreement for six months of debt repayment soon after the interim government took office.