DHAKA, Bangladesh (Diya TV) — Chevron Corporation plans to invest in new gas exploration in Bangladesh to enhance the country’s energy security, the company said Tuesday. The US-based energy giant expressed confidence in the interim government led by Chief Advisor Prof. Muhammad Yunus, which has begun settling arrears that they say accumulated during the last two years of the Sheikh Hasina administration.
Frank Cassulo, vice president of Chevron, led a delegation in a meeting with Yunus at the State Guest House Jamuna. According to him, the increasing demand for gas due to the growing economic activities made Chevron consider new exploration ventures in northeastern Bangladesh.
“We will invest in new onshore gas exploration,” Cassulo said, adding that the new reserves could significantly contribute to the nation’s economic development.
Yunus welcomed the investment, underlining the government’s commitment to improving the supply of gas to local industries. “We are now ready for business. We welcome more foreign direct investment,” Yunus said, underlining key reforms undertaken by the interim administration to improve the investment climate.
Lutfey Siddiqi, special envoy to the chief adviser, was also present at the meeting. He confirmed that the government had reached a six-month repayment deal with Chevron and Petrobangla, aiming to clear all outstanding payments by April next year.
Chevron’s ongoing social responsibility initiatives, benefiting local communities in Bangladesh, were also praised by the chief adviser.
This news is seen as opportune for Bangladesh in their effort to spur their growing energy needs and attract more foreign investment.
