Staff Reporter :
Energy giant Chevron has announced plans to invest in new gas exploration activities in Bangladesh to enhance the country’s energy security, senior officials of the US-based company stated on Tuesday.
Chevron representatives expressed satisfaction with the Interim Government’s efforts to clear arrears amounting to hundreds of millions of dollars. Payments had been stalled for the past two years under the previous Sheikh Hasina administration.
Led by Frank Cassulo, a Vice President of the company, Chevron officials met Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna.
Cassulo highlighted that growing gas demand, driven by increased economic activity and a more favourable business outlook, has encouraged Chevron to initiate new drilling projects in the country’s northeastern regions.
“We plan to invest in new onshore gas exploration,” he said, noting that new reserves would significantly contribute to Bangladesh’s economic growth.
Chief Adviser Professor Muhammad Yunus welcomed Chevron’s decision to expand gas exploration, emphasising the Interim Government’s commitment to boosting gas supply for local industries amid rising economic activity.
“We are ready for business and invite further foreign direct investment into the country. Major multinational companies have already responded positively,” he said.
The Chief Adviser also highlighted key reforms introduced by the Interim Government to create a more conducive investment climate. Additionally, he praised Chevron for its corporate social responsibility initiatives benefiting local communities.
Lutfey Siddiqi, Special Envoy to the Chief Adviser, also attended the meeting and reaffirmed the government’s commitment to settling Chevron’s outstanding payments by April next year.
Chevron and state-owned Petrobangla recently agreed on a six-month repayment plan, a resolution reached shortly after the Interim Government assumed office.
