Energy giant Chevron has planned to invest in new gas exploration activities in Bangladesh in an effort to boost the country's energy security, senior officials of the U.S.-based company said on Tuesday (Dec 3). Chevron officials said they were happy that the interim government has started clearing arrears worth hundreds of millions of dollars after the previous Sheikh Hasina government stopped paying the company in the past two years. Led by Frank Cassulo, a Vice-President of the company, Chevron officials called on Chief Adviser of the interim government Professor Dr. Muhammad Yunus at the state guest house Jamuna in Dhaka, local media reported.
Cassulo said increasing gas demand due to growing economic activities and a better business outlook have prompted Chevron to invest in new drilling activities in northeastern parts of the country. "We will invest in new onshore gas exploration," he said, adding that new gas reserves would boost the country's economic growth.
Muhammad Yunus welcomed Chevron's move to explore new gas reserves, saying the interim government has planned to increase gas supply to local companies amid an uptick in economic activities. "We are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively," he said.
The Chief Adviser highlighted key reforms undertaken by the Interim Government to ensure a better investment climate in the country. Professor Yunus praised Chevron's social responsibility activities for the local communities.
Lutfey Siddiqi, Special Envoy of the Chief Adviser, was present in the meeting. He said the government was committed to clearing Chevron dues by April next year.
Chevron and the Petrobangla reached the six-month repayment deal soon after the interim government took over.
