On a most up-to-date shuttle to Bangladesh, Frank Cassulo, Vice President of Chevron International E&P, met with Chief Adviser Prof Dr Muhammad Yunus and assorted senior officers of the meantime authorities.
Sooner than he flew wait on to Singapore, Frank sat down with TBS at the Chevron Bangladesh set of business in Gulshan and discussed Chevron’s future plans for Bangladesh against the backdrop of leadership swap within the nation.
Following is the trimmed and edited model of the interview for readability.
This fling to is never any longer admire several assorted – assembly a brand fresh authorities, talking to fresh high officers and finding out about fresh plans for Bangladesh. Are you able to piece your clutch with us?
It is correct a pleasure to be right here in Bangladesh this week, and in reality think the place Bangladesh is referring to the fresh authorities and being ready to fill interaction with the fresh authorities. We had an unheard of different to meet with Dr Yunus and in reality clutch model to his imaginative and prescient for the nation and check how our swap, Chevron, intersects with the fresh meantime authorities’s drivers, aims and aims.
We most in vogue the different to meet with Dr Yunus to search out out about his priorities for the nation, namely on financial recovery and the work underway to enhance the swap climate to appeal to extra international investment.
It became additionally the biggest different for us to reaffirm our commitment to Bangladesh’s vitality security. It became correct this actually collaborative, constructive dialogue that we had with him [Dr Yunus] that correct left you feeling a project of optimism, and a project of pleasure for us.
Having been right here in Bangladesh for 30 years and having been via united states of americaand downs to leer the place we are at the moment time, and to leer what we’ve attain via in a actually short time interval, it became unbelievable. I imply to be there firsthand to piece our appreciation for him and the meantime authorities, what he’s doing, actually intended lots to us, and our crew that became there.
And then additionally this week, we met with the BIDA govt chairman, Ashik Chowdhury – extremely proficient. I’ve watched a couple of of his proclaims online. I salvage no longer know if you may well presumably even fill viewed it, nonetheless he interviews guests [on the show], he talks about his imaginative and prescient for the nation. And what we took away is his sense of optimism that we are in a position to aid fling the tempo and work together on actually excessive issues reminiscent of vitality. So it became actually provocative to listen to him talk about it and talk about what BIDA’s position will likely be going ahead. So, that became correct a graceful different.
And at the moment time [4 December], we bought to meet with Dr Fouzul Kabir Khan [current adviser and also a former power secretary]. He gave me a guide which I leer ahead to studying. And, you know, to listen to his red meat up for Chevron, became actually… when he became additionally an affect secretary.
We have got been very lucky that the worn [and] the fresh leadership in Bangladesh has been originate and intensely receptive to us. We have got had alternatives to meet robotically with the entire leaders. And even Dr Yunus – Eric Walker [president of Chevron Bangladesh] and I met him in New York. At the United International locations Overall Assembly, he [Yunus] had an originate discussion board the place he brought swap leaders in to piece their views. You lined the records, have in mind?
What I adore is a couple of issues: One is that they [interim government] listen carefully, and [the other is] they worth feedback. So we did not totally talk about Chevron’s imaginative and prescient for the draw we are in a position to make a decision to Bangladesh, nonetheless additionally wished to know what are the challenges and how will we aid them to beat them — that became actually the biggest takeaway, that there is a project of collaboration and partnership.
This authorities is an meantime one, that may well presumably well also continue for a couple of years. Did you meet any assorted politician or political parties in Bangladesh who’re likely to realize wait on to power soon and likewise you fill to fill interaction with?
I did not meet any assorted stakeholders. On this fling to, I became very centered on a couple of of the individuals of the fresh authorities.
I suspect we are assessing all alternatives in Bangladesh. We have a tendency no longer to enlighten on the matter because they’re very industrial in nature. But we did piece with the authorities that, for us, we may well presumably well also composed be wait on investing in Bangladesh, continuing to search spherical for onshore exploration alternatives and to continue advancing the sources right here. Or no longer it is vitally well-known to Bangladesh and we witness the different to continue investment.
For us, it is been 30 years right here, so we fill now a actually established presence. Our leaders right here work actively with a huge fluctuate of stakeholders. For us, it became the different to in reality introduce ourselves to the fresh authorities [and] that became the level of hobby of this shuttle.
You already know, as Chevron, we work with whatever authorities [is in power across the world]. So this, for us, is a continuing. There had been many assorted leaderships right here in Bangladesh over 30 years, and we [have been] very consistent. We leer at whoever’s in power and work with them constructively. So we are going to have in mind that it is an meantime authorities, nonetheless for us, it is actually well-known to connect those working relationships.
We think there is a project of urgency referring to investing in vitality in Bangladesh. And Chevron sees the different to continue working right here. And we fill now our vegetation – referring to what we salvage right here internal Bangladesh, it is vitally well-known to the economy.
Whenever you occur to may well presumably well also had been to the Bibiyana facility, it is miles the supreme gas facility in Southeast Asia. Because the nation’s largest producer of natural gas – accounting for over 60% of the nation’s natural gas query – we worth our well-known position in assembly Bangladesh’s vitality wishes and ensuring find, legitimate vitality sources. The natural gas we salvage right here offers up to 50% of power expertise and 100% of the fertilizer industries of Bangladesh.
So for us, safe, legitimate operations at Bibiyana is our mission right here. But we additionally fill to think the future. And we provide out are attempting to be a share of continuing to spend money on due route in Bangladesh, continuing to spend money on alternatives to perform fresh sources – and so we shared that we stay dedicated to Bangladesh with all of the authorities officers [we met].
You mentioned, Chevron has been right here for 30 years. As a long way as I know, Chevron – in its assorted avatars — Occidental, Unocal after which Chevron — is the oldest vitality partner of Bangladesh. Within the closing 30 years, there must had been each valid and depressed experiences. How will you review Chevron’s expertise working in Bangladesh for 3 decades?
Successfully, our partnership with the Authorities of Bangladesh and Petrobangla spans 30 years of supporting the nation’s vitality security and fuelling its financial boost. Any swap that we’re working, any nation that we’re working in, we think the future. And so that you simply can lift out that, you originate, I suspect, a sturdy, resilient swap that is there so that you simply can struggle via and navigate cycles, whether or not they’re up or down.
Every nation, every geography has assorted cycles – whether the physical atmosphere is find, unstable, and we’re having to work via that wherever within the field.
This year we approved 100 years of working in Indonesia. Talking of a 100 year event, when I met with the crew [in Indonesia], I mentioned, it is a as soon as in a lifetime event. But that exhibits you that as soon as we’re right here for 30 years, we’re titillating within the next 30 years. So for us, you know, our swap evolves, countries evolve, geographies evolve, economies evolve, nonetheless we evolve with them. So I suspect we fill now to be adaptable nonetheless we fill now to be resilient referring to working spherical the field.
We think the future and we think how we invest via cycles, and how we guarantee ourselves that we are in a position to be there to meet the wishes of the countries that we aid.
Must you will salvage fresh investments in a nation, it alerts obvious swap experiences from ahead of. Chevron has a colossal investment in Bangladesh. Are you able to recount us how grand you fill build in Bangladesh to this level?
We have got build $4.1 billion of investment in Bangladesh over the closing 30 years. And over $580 million is lisp into the economy of local suppliers right here, at some level of the interval. So, as you mentioned, those investments that we salvage, we provide out think the future.
I’m hoping that exhibits the self assurance that Chevron has in Bangladesh referring to the skill to continue investing, continue working, and continue to present find, legitimate vitality to Bangladesh, which is terribly, well-known.
We had a changeover in leadership in August. Has there been any qualitative swap within the investment and swap ambiance in Bangladesh?
We worth our lengthy-standing partnership and adore the meantime administration’s commitment to working via challenges which fill influenced our operations and investment outlook.
I suspect in a actually short interval, we had a outstanding enchancment within the fiscal atmosphere right here in Bangladesh. I imply, the fiscal balance continues to enhance every and day by day.
I suspect Dr Yunus welcomed the world neighborhood to red meat up Bangladesh. We witness the steps that the meantime authorities is taking as very investor-minded. And as soon as we hear that the nation is procuring for international lisp investment, they’re attempting to spend money on due route, they’re attempting to speculate within the vitality sector, that tells us [Chevron] that we are attempting to be right here for the future.
So I suspect since the swap within the authorities, we’ve viewed stipulations enhance critically. And that became confirmed when I had the different to meet with Dr Yunus, and I may well presumably well also composed [also] allege Ashik [BIDA] and Dr Khan [Energy Adviser) – all [have] consistent messages about their imaginative and prescient for Bangladesh.
So I actually feel very optimistic about Bangladesh and the economy and how it is bettering.
What is your idea for future exploration and manufacturing in Bangladesh?
I suspect we are assessing all alternatives in Bangladesh. We have a tendency no longer to enlighten on the matter because they’re very industrial in nature. But we did piece with the authorities that, for us, we may well presumably well also composed be wait on investing in Bangladesh, continuing to search spherical for onshore exploration alternatives and to continue advancing the sources right here. Or no longer it is vitally well-known to Bangladesh and we witness the different to continue investment.
As we discussed with Dr Yunus, we no longer too lengthy within the past undertook some drilling activities within the north of the nation. We’re assured that via collaboration and originate dialogue with the authorities and Petrobangla, the challenges we fill now faced will likely be resolved to unlock fresh vitality alternatives.
I suspect Bangladesh is going to host a divulge for onshore and offshore exploration. What is Chevron’s idea?
Clearly, they [Chevron] are going to clutch share in it. We leer at all alternatives, nonetheless under no circumstances commenting on any ongoing reports or technical work that we’re doing. We will salvage that acknowledged at the time that we fill to lift out so, nonetheless no longer ahead of then.
But I’m in a position to recount you that we stay dedicated to supporting Bangladesh’s vitality security and financial boost via persisted partnership and investment.
There is a discussion about Chevron’s proposals for exploration within the Surma basin. Perform you fill any be aware-up?
We repeatedly leer at the entire alternatives that we fill now in Bangladesh. We have got been doing it for plenty of years. We doubtlessly know Bangladesh higher than any world firm within the field and we are going to continue to leer at all these alternatives. But actually have not got any enlighten on a particular different correct for industrial reasons.
The divulge and all assorted negotiations are aimed at extra vitality manufacturing. Bangladesh is an vitality deficit nation. What’s your suggestion?
I suspect all kinds of vitality are well-known – diversifying vitality and continuing to appeal to investment is de facto well-known for Bangladesh, especially referring to continuing to fill the skill to grow their imports of natural LNG and additionally invest domestically in gas sources.
I actually fill a level of search for that investing in home sources drives relatively a exiguous of earnings for Bangladesh. Or no longer it is international lisp investment, it is local disclose. Or no longer it is continuing to realize the capabilities of Bangladeshi individuals.
Our firm right here, as an illustration, by investing in onshore fashion, our firm is 97% Bangladeshi. So we’ve built organisational functionality, this swap right here is built by Bangladesh. Or no longer it is bustle by Bangladeshis, and that expertise actually is terribly well-known to Chevron as an carrying out.
How can Chevron aid Bangladesh, namely in constructing human sources – no longer for Chevron nonetheless for Bangladesh, admire for our nationwide exploration firm Bapex?
I suspect there are many alternatives for us to partner at diverse ranges with corporations in Bangladesh. We’re centered completely on constructing our provide chains in Bangladesh and partnering with Bangladesh. No longer totally in universities or local communities, nonetheless additionally with those key partners. So we fill now had many joint reports and partnerships through the years. [Additionally] we fill now practising alternatives with hundreds of those partners admire Petrobangla.
And I suspect we fill now an terribly proficient team right here in Bangladesh, for Chevron Bangladesh and our partners – building their skill and functionality is terribly well-known to us. Also, we fill now neighborhood programmes.
CA Dr Yunus praised you to your CSR activities and social investment activities. Any extra plans for the social sector?
We have got invested over $15 million in our social investment projects over the closing 14 years, benefitting extra than 120,000 individuals and yearly, we fill now a programme that continues to speculate and aid. We discover the areas whereby we think we are in a position to fill the most impact and we continue to spend money on that.
It became actually humbling to listen to a Nobel Peace Prize winner recognise us for our social investment. We had been ready to piece the highlights of our social investment with Dr Yunus and to listen to his feedback and praise for Chevron. Or no longer it is very, very outstanding for us.
Thank you for giving us the time.
I actually enjoyed assembly you. Daily, every morning in Singapore, I salvage an electronic mail with the entire info from Bangladesh. Thank you Zahid and attributable to The Commercial Identical outdated.
