Chevron plans $1b investment
Author / Source : STAFF REPORTER
Dhaka, Oct 25: Chevron, the multinational energy corporation headquartered in the United States, is keen to invest fresh $1billion in Bangladesh to improve gas pipeline infrastructure, company’s Bangladesh chapter president Geoffrey Strong said on Tuesday.
He said the investment would be under the existing resources. In Bangladesh, Chevron operates Bibiyana gas field and is involved in supplying 30 per cent of total gas delivery everyday.
“Chevron’s fresh investment plan in Bangladesh might be a billion dollar or more,” Geoffrey said while replying to a question by a reporter at a seminar on ‘Promoting Foreign Direct Investment (FDI) in Bangladesh’, organised by American Chamber of Commerce in Bangladesh (AmCham) at a city hotel.
Earlier, while presenting a key-note paper on Energy Security and FDI in Bangladesh, Geoffrey said the biggest challenge in Bangladesh now is gas pipeline infrastructure.
He said the country’s preserved gas is about 32 tcf (trillion cubic feet) which needs a huge investment for exploration and distribution.
“Here is potential for more gas production and Chevron is ready to invest on partnership with Bangladesh,” he said.
He said the energy demand growth will continue and the natural gas is the choice to meet the demand.
He said the global energy demand would rise by 40 per cent roughly, 15 per cent in the developed countries and 57 per cent in the developing countries by 2030.
Geoffrey noted that the entire world, including the developing countries, will require more renewable forms of energy.
“So, Bangladesh and the company like Chevron should continue effort towards investing more to meet the energy demand,” he said. AmCham president Aftab ul Islam chaired the seminar.