Chevron drops decision to leave Bangladesh
DHAKA (Reuters) — The US oil company Chevron will not sell three subsidiaries and leave Bangladesh as planned, Chevron said on Sunday.
Chevron had said in April it would sell to China’s Himalaya Energy Co. the wholly owned subsidiaries that operate three gas fields, which together account for 58% of Bangladesh’s gas production.
Chevron “will not be proceeding with an agreement to sell the shares of its wholly owned indirect subsidiaries,” Cameron Van Ast, Chevron’s external affairs advisor for Asia and the Pacific, said in a statement sent to Reuters on Sunday.
“Chevron has decided to retain these assets and will continue to work with our partners Petrobangla and the government of Bangladesh to provide reliable and affordable energy to the nation,” the statement said.
Chevron did not give a reason for reversing its decision.
Rather than leaving, Chevron will invest $400 MM at Bibiyana, the country’s largest gas field, said Nasrul Hamid, Bangladesh’s junior minister for power, energy and mineral resources. Bibiyana produces 1,250 MMcfd of gas.
Chevron formally conveyed its intention to stay in Bangladesh in a letter last week, Hamid said.
Reporting by Serajul Quadir, editing by Larry King
- ExxonMobil halts 1-Bft3d blue hydrogen project in Texas
- Aramco and Yokogawa commission multiple autonomous control AI agents at Fadhili gas plant
- Ukraine will resume gas imports via Transbalkan route in November
- Mitsubishi to inject $260 MM into Brunei LNG project
- Freeport LNG (U.S.) on track to take in more natgas on Thursday after unit outage
Comments