Energy giant Chevron has planned to invest in new gas exploration activities in Bangladesh which is expected to help boost the country's energy security, senior officials of the US-based company said on Tuesday.
A Chevron delegation expressed the interest at a meeting with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna, said a spokesperson at the CA Office.
Led by Frank Cassulo, a vice president of the company, Chevron officials appreciated that the interim government started clearing arrears worth hundreds of millions of US dollar after the previous Sheikh Hasina's government stopped paying the company for the past two years.
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.
Chief Adviser Prof Yunus welcomed Chevron's move to explore new gas reserves, saying the 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 CA highlighted key reforms undertaken by the interim government to ensure a better investment climate in the country.
He praised Chevron's social responsibility activities for the local communities.
Lutfey Siddiqi, Special Envoy of the Chief Adviser, was present at the meeting. He said the government was committed to clearing Chevron dues by April next year.
Chevron and Petrobangla reached a six-month repayment deal soon after the government took over.
mirmostafiz@yahoo.com