Flagged up: Chevron's plans
Dhaka gives Chevron the nod
Bangladesh's state-run oil and gas authority has approved US supermajor Chevron's plan to invest $52 million to augment natural gas supply in the country.
"We have okayed the Chevron investment to install a gas compressor to ease the gas crisis in our country," Muqtadir Ali, chairman of Petrobangla, told Reuters.
"Chevron will require two years to install the compressor in Block 15 under the production sharing contract and will recover the cost from gas sales," he told the news agency.
"It will supply up to 60 million cubic feet of gas per day."
On recovery of cost, the compressor will be handed over to the Gas Transmission Company Ltd (GTCL), a subsidiary of the Petrobangla.
Chevron, which supplies almost 40% of total gas consumed in the country, will sign a partnership contract with the GTCL, he added.