Dhaka: Energy giant Chevron has announced plans to invest in new gas exploration activities in Bangladesh to bolster the country's energy security, according to senior officials from the US-based company. This decision comes as the interim government has begun settling arrears amounting to hundreds of millions of dollars, which had been halted by the previous Sheikh Hasina administration over the past two years. According to Bangladesh Sangbad Sangstha, Chevron officials, led by company Vice President Frank Cassulo, met with Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna. Cassulo emphasized that the increasing gas demand, driven by expanding economic activities and an optimistic business outlook, has motivated Chevron to initiate new drilling ventures in the northeastern regions of Bangladesh. "We will invest in new onshore gas exploration," Cassulo stated, highlighting that new gas reserves would significantly contribute to the country's economic growth. Chief Adviser Professor Muha mmad Yunus expressed his approval of Chevron's plans, noting the interim government's intention to enhance gas supplies to local companies amid rising 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 remarked. Professor Yunus also underscored the key reforms implemented by the Interim Government to create a more favorable investment environment in Bangladesh. The meeting also saw the presence of Lutfey Siddiqi, Special Envoy of the Chief Adviser, who reiterated the government's commitment to settling Chevron's dues by April of the following year. A six-month repayment agreement between Chevron and Petrobangla was reached shortly after the interim government assumed office. Professor Yunus also lauded Chevron's efforts in fulfilling social responsibilities towards local communities.
