Chevron drops decision to leave Bangladesh

[bluesky]

Chevron drops decision to leave Bangladesh
>> Reuters

Published: 2017-10-30 02:45:40.0 BdST Updated: 2017-10-30 02:46:47.0 BdST

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  The logo of Chevron is seen in Los Angeles, California, United States, April 12, 2016. Reuters

Chevron will not sell three subsidiaries and leave Bangladesh as planned, the US oil company said on Sunday.

Chevron 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 percent 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 million 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 million cubic feet of gas a day.

Chevron formally conveyed its intention to stay in Bangladesh in a letter last week, Hamid said.

 

[Flynn Swagmire]

Something is cooking. Any conspiracy theory?

 

[Mage]

Something is cooking. Any conspiracy theory?

Well we just found a new gas field. They need to wait and see what's for them in it. But enough is enough. They better be shown the door. We can find other parties.

 

[EastBengalPro]

Simple they have seen fruits both in land and sea,so they wont leave!

 

[UKBengali]

Simple they have seen fruits both in land and sea,so they wont leave!

Get ready for big finds soon.

 

[Arthur]

Well we just found a new gas field. They need to wait and see what's for them in it. But enough is enough. They better be shown the door. We can find other parties.

They wont be getting anywhere near that gas field. That one is Discovered, 100% owned & operated by BAPEX. 30 million CFT is getting extracted now. That number will be almost doubled by end of next year.