China To Buy Chevron Bangladesh Gas Field for 2 Billion Dollar

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In Recent advancement of Bangladesh China economic cooperation, China will buy  Bangladesh Chevron .

Chevron is United states  oil and gas giant  and one of the biggest energy sector investor in Bangladesh . In a recent deal with Chinese state owned  Zhenhua and Chevron , china may buy Chevrons Bangladesh gas field  by 2 billion dollar .

Reuters reported already preliminary deal with Chevron to buy the U.S. oil major’s natural gas fields in Bangladesh was signed and further agreements on the table .

Zhenhua is a subsidiary of China’s defense industry conglomerate NORINCO. A completed deal would mark China’s first major energy investment in the South Asian country .

Bangladesh, though, holds the right of first refusal on the assets and could block the transaction. The country, via its national oil company Petrobangla, is keen to buy the gas fields and is talking to international banks to raise financing, according to a banking source familiar with the process

Chevron, in an e-mailed statement, confirmed that it was in commercial discussions on its Bangladesh assets, but would not comment further as a matter of policy.

Chevron had said in October 2015 that it planned to sell about $10 billion worth of assets by 2017 including geothermal projects in Indonesia and the Philippines and gas fields in Bangladesh amid a prolonged slump in energy prices.

In a recent visit by Chinese president Xi jinping , he signed over 30 Billion investment deal with Bangladesh and Chinese Navy recently delivered two Ming class submarine to Bangladesh Navy .

And now this major undertaking of Chevron Bangladesh by chinese state owned Company is another good sign of mutual cooperation as Bangladesh is china’s third largest trading partner .

 

 

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