Energy giant Chevron has planned to invest in new gas exploration activities in Bangladesh in an effort to boost the country鈥檚 energy security, senior officials of the United States-based company said on Tuesday.
Chevron officials said that they were happy that the interim government had 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 Professor Muhammad Yunus at the State Guest House Jamuna.
Cassulo said that 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.
鈥榃e will invest in new onshore gas exploration,鈥� he said, adding new gas reserves would boost the country鈥檚 economic growth.
Chief adviser Muhammad Yunus welcomed Chevron鈥檚 move to explore new gas reserves, saying that the Interim Government has planned to increase gas supply to local companies amid an uptick in economic activities.
鈥榃e are now ready for business. We welcome more foreign direct investment in the country. Major multinational companies have already responded positively,鈥� he said.
The chief adviser highlighted key reforms undertaken by the interim government to ensure a better investment climate in the country.
Yunus praised Chevron鈥檚 social responsibility activities for the local communities.
Lutfey Siddiqi, the chief adviser鈥檚 special envoy, was present at the meeting.
He said that 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.
