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Bangladesh encourages US companies to invest in offshore oil, gas explorations

  • Diplomatic Correspondent
  • 1st August, 2021 11:20:07 AM
  • Print news
Bangladesh encourages US companies to invest in offshore oil, gas explorations

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Bangladesh Prime Minister’s Adviser for Power, Energy and Mineral Resources Dr Tawfiq-E-Elahi Chowdhury held a meeting with the senior officials of American multinational oil and gas corporation ExxonMobil on Friday (July 30) in the Embassy of Bangladesh in Washington DC.

The Adviser highlighted the crucial role of the US companies in the energy sector in Bangladesh and welcomed their further contributions in these areas.

In the meeting, he encouraged the officials to invest in oil and gas explorations in the country, particularly the offshore ones.

He highlighted the need for investment in building storage facilities for renewable energy in Bangladesh.

He mentioned that having a balanced mix of energy sources is critical for Bangladesh and its development.

The Adviser acknowledged that the companies like ExxonMobil, who are looking for LNG businesses in Bangladesh, require guarantying hedges against the price volatilities.

He asked ExxonMobil to expedite deep-sea exploration and to invest in upgrading transmission networks and land-based facilities.

ExxonMobil expressed keen interest in working with Bangladesh to support Bangladesh’s current development pace and ensure access to energy. Bangladesh Ambassador to the USA M Shahidul Islam and senior officials from Bangladesh Embassy and ExxonMobil were present.

Later, an MOU was signed between Summit Oil and Shipping Co. Ltd and Commonwealth LNG at the presence of at the Bangabandhu Auditorium of the Embassy of Bangladesh in Washington DC in the presence of Adviser Tawfiq-e-Elahi Chowdhury.

The Advisor welcomed the signing of the MOU as an important step towards further expanding the existing energy cooperation between Bangladesh and the United States.

Earlier in the morning of 29 July, the Adviser visited the Embassy of Bangladesh in Washington DC and placed floral wreaths at the bust of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.