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Chevron not winding up business in Bangladesh

State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Thursday said US oil major Chevron is not leaving Bangladesh; rather, it will invest $400 million in the country’s gas sector.

While addressing a contract signing ceremony for procuring 200 megawatt (MW) solar electricity at the Bidyut Bhaban in Dhaka, he said Chevron has officially communicated its decision to the government to this end, according to a report of UNB.

He said the Chevron`s planned $400 million will be invested in setting up a wellhead gas compressor at Bibiyana gas field to increase the gas pressure to the supply line.

Chevron`s three gas fields -- Bibiyana, Jalabad and Moulvibazar -- share 52 percent of the total 2700 mmcf gas now being produced by the country`s 22 gas fields.

In September last year, the Chevron Corporation announced its plan to sell out its assets of the three gas fields in Bangladesh.

Following the announcement, Bangladesh expressed its desire to buy the assets.

But on April 24, 2017, Chevron further announced that it entered into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh to a Chinese consortium named Himalaya Energy Co Ltd.

Following the announcement, Bangladesh got very frustrated and continued its efforts to block the Chevron-Himalayan deal.

The state minister said the new decision of Chevron for investing money in the gas field will boost the confidence of other foreign companies to continue their businesses in Bangladesh.

He said many foreign companies are now showing their immense interest to invest in Bangladesh as its demand for energy is growing fast for the growing economy.

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