Energy Bangla

Energy electricity and environment news portal

Dhaka Thursday,  Oct 18, 2018

Chevron Isn’t Leaving BD, Rather To Invest $400m More

EB Report

Chevron is not likely to leave Bangladesh, rather they are likely to invest USD 40 crore more in the country for the development of the gas wells. The state minister Nasrul Hamid said so in a deal signing ceremony held at Bidyut Bhaban in  the city on today.

The state minister informed that, Chevron has moved from its position to sell out all of their assets in Bangladesh. Moreover, they’re likely to invest in the country’s energy sector. “Not only Chevron, more and more foreign companies are showing their interests to invest in the country’s energy and power sector”, he added.

After being asked about it, the Communications Manager of Chevron Bangladesh, Shaikh Jahidur Rahman replied that, Chevron regularly engages with national, regional and international stakeholders globally.  As per our long-standing policy, we do not discuss specific meetings with government officials, he added.

Chevron is in “commercial discussion” to sell their assets  in Bangladesh and will proceed if they get an attractive price for their assets and they’ve already signed a primary deal to sell out their assets to a Chinese firm. Chevron is the second-largest oil company in the United States and the world’s fourth-largest publicly traded oil company is also one of the largest foreign investor in Bangladesh’s energy sector.

The slump in global oil price caused a record loss in this July since the year 2001. To counter the losses Chevron is moving ahead with a plan to sell their assets in the south Asian regions including Bangladesh, Thailand and Indonesia. The US-based company disclosed in October last year plans to sell about $10 billion of assets by 2017.

Chevron operates the natural gas fields in Bibiyana, Jalalabad and Moulavi Bazar. They currently sell all their production to Petrobangla under the Production Sharing Contract (PSC).

Comment here