Chevron, the US-based petroleum behemoth has announced future planning to invest in Bangladesh’s exploration projects for gas. This action comes as the interim government begins to pay outstanding bills to the company that were suspended under the previous administration, which was led by Sheikh Hasina.
Executives from the Chevron company, which were led by the Vice President of the company, named Frank Cassulo, had a meeting with the Chief Adviser for Bangladesh’s interim Government Muhammad Yunus at the state guesthouse Jamuna in Dhaka and conveyed their optimism about the rising demand for petrol due to burgeoning economic activity. Cassulo highlighted that the increased investments would be directed towards onshore gas exploration, specifically in Bangladesh’s northeastern areas.
The Chief Adviser praised Chevron’s determination to investigate new gas deposits and emphasised the government’s initiatives to boost gas supplies to regional businesses, particularly the crucial ready-made garment (RMG) industry. Sustaining production levels and fostering future expansion depends on a steady supply of gas.
Yunus, the interim Government’s Chief Adviser declared that the nation of Bangladesh is prepared for business opportunities and is actively seeking greater amounts of foreign direct investment. The reforms that have tried to improve the climate of investment in the country have received feedback that is encouraging from large international companies, he added.
By lauding Chevron for its social responsibility initiatives that benefit the community, Yunus further underlined the need for business involvement in the region. Lutfey Siddiqi, a special envoy to the Chief Adviser, reiterated the Government’s resolve to repay Chevron’s obligations by April of next year following a six-month repayment agreement with Petrobangla.
Chevron’s investment in gas exploration is expected to be vital as Bangladesh looks to improve its energy infrastructure and maintain its economic momentum, especially for sectors like RMG that depend significantly on reliable energy sources.
