On a fresh day breeze back and forth to Bangladesh, Frank Cassulo, Vice President of Chevron Global E&P, met with Chief Adviser Prof Dr Muhammad Yunus and heaps of senior officials of the meantime authorities.
Before he flew wait on to Singapore, Frank sat down with TBS on the Chevron Bangladesh insist of business in Gulshan and mentioned Chevron’s future plans for Bangladesh towards the backdrop of management change in the country.
Following is the trimmed and edited model of the interview for clarity.
This search recommendation from just isn’t appreciate every heaps of – assembly a fresh authorities, talking to fresh high officials and finding out about fresh plans for Bangladesh. Are you able to portion your rob with us?
It’s true a pleasure to be right here in Bangladesh this week, and of course judge about the set up Bangladesh is in the case of the fresh authorities and being ready to own interaction with the fresh authorities. We had an out of the ordinary opportunity to meet with Dr Yunus and of course listen to his imaginative and prescient for the country and judge about how our change, Chevron, intersects with the fresh meantime authorities’s drivers, targets and targets.
We preferred the chance to meet with Dr Yunus to study about his priorities for the country, in particular on financial recovery and the work underway to make stronger the change climate to design additional foreign investment.
It became as soon as also a critical opportunity for us to reaffirm our dedication to Bangladesh’s energy safety. It became as soon as true this of course collaborative, optimistic dialogue that we had with him [Dr Yunus] that true left you feeling a sense of optimism, and a sense of satisfaction for us.
Having been right here in Bangladesh for 30 years and having been thru usaand downs to explore the set up we are this day, and to explore what now we own come thru in a really brief duration of time, it became as soon as wonderful. I mean to be there firsthand to portion our appreciation for him and the meantime authorities, what he’s doing, of course intended a lot to us, and our crew that became as soon as there.
And then also this week, we met with the BIDA govt chairman, Ashik Chowdhury – extremely gifted. I’ve watched some of his broadcasts online. I develop not know whenever you own seen it, however he interviews company [on the show], he talks about his imaginative and prescient for the country. And what we took away is his sense of optimism that we can abet transfer the tempo and work collectively on of course serious matters equivalent to energy. So it became as soon as of course spirited to listen to him focus on it and focus on what BIDA’s role will likely be going forward. So, that became as soon as true an lovely opportunity.
And this day [4 December], we got to meet with Dr Fouzul Kabir Khan [current adviser and also a former power secretary]. He gave me a book which I explore forward to reading. And, you know, to listen to his make stronger for Chevron, became as soon as of course… when he became as soon as also a vitality secretary.
We own been very lucky that the old [and] the fresh management in Bangladesh has been commence and very receptive to us. We own had opportunities to meet mechanically along with your total leaders. And even Dr Yunus – Eric Walker [president of Chevron Bangladesh] and I met him in New York. On the United Nations Standard Assembly, he [Yunus] had an commence dialogue board the set up he brought change leaders in to portion their views. You covered the facts, be conscious?
What I appreciate is a couple of things: One is that they [interim government] listen closely, and [the other is] they price solutions. So we did not handiest focus on Chevron’s imaginative and prescient for how we can decide to Bangladesh, however also wished to know what are the challenges and how will we abet them to conquer them — that became as soon as of course a critical takeaway, that there’s a sense of collaboration and partnership.
This authorities is an meantime one, which could additionally proceed for a couple of years. Did you meet any heaps of baby-kisser or political occasions in Bangladesh who are at likelihood of come wait on to vitality quickly and it’s miles well-known to own interaction with?
I did not meet any heaps of stakeholders. On this search recommendation from, I became as soon as very interested by one of the indispensable crucial americans of the fresh authorities.
I judge we are assessing all opportunities in Bangladesh. We have a tendency not to touch upon the subject because they’re very industrial in nature. Nonetheless we did portion with the authorities that, for us, we want to be wait on investing in Bangladesh, persevering with to gaze onshore exploration opportunities and to proceed advancing the resources right here. It’s vitally critical to Bangladesh and we search for the chance to proceed investment.
For us, it’s been 30 years right here, so now we own a really established presence. Our leaders right here work actively with a huge series of stakeholders. For us, it became as soon as the chance to of course introduce ourselves to the fresh authorities [and] that became as soon as the point of ardour of this day breeze back and forth.
You admire, as Chevron, we work and not using a subject authorities [is in power across the world]. So this, for us, is a persevering with. There own been many different leaderships right here in Bangladesh over 30 years, and we [have been] very consistent. We explore at whoever’s in vitality and work with them constructively. So we are going to be conscious that it’s an meantime authorities, however for us, it’s of course critical to construct those working relationships.
We judge there’s a sense of urgency in the case of investing in energy in Bangladesh. And Chevron sees the chance to proceed working right here. And now we own our vegetation – in the case of what we develop right here interior Bangladesh, it’s vitally critical to the financial system.
When you occur to’ve been to the Bibiana facility, it’s the supreme gas facility in Southeast Asia. As the nation’s largest producer of pure gas – accounting for over 60% of the country’s pure gas build a matter to – we price our needed role in assembly Bangladesh’s energy wants and guaranteeing stable, legit energy sources. The pure gas we develop right here affords up to 50% of vitality technology and 100% of the fertilizer industries of Bangladesh.
So for us, stable, legit operations at Bibiana is our mission right here. Nonetheless we also must take into legend the long disappear. And we enact want to be a fraction of persevering with to put money into the waste in Bangladesh, persevering with to put money into opportunities to originate fresh resources – and so we shared that we reside committed to Bangladesh with the total authorities officials [we met].
You said, Chevron has been right here for 30 years. As a ways as I know, Chevron – in its heaps of avatars — Occidental, Unocal after which Chevron — is the oldest energy accomplice of Bangladesh. In the final 30 years, there must own been each exact and unfriendly experiences. How will you build in thoughts Chevron’s ride working in Bangladesh for three decades?
Neatly, our partnership with the Authorities of Bangladesh and Petrobangla spans 30 years of supporting the country’s energy safety and fuelling its financial say. Any change that we’re running, any country that we’re working in, we judge about the long duration of time. And so that you can enact that, you accomplish, I judge, a sturdy, resilient change that is there so as to battle thru and navigate cycles, whether they’re up or down.
Every country, every geography has heaps of cycles – whether the bodily atmosphere is stable, unstable, and we’re having to work thru that anywhere in the arena.
This three hundred and sixty five days we noteworthy 100 years of working in Indonesia. Talking of a 100 three hundred and sixty five days celebration, after I met with the crew [in Indonesia], I said, it’s miles a as soon as in a lifetime celebration. Nonetheless that reveals you that after we’re right here for 30 years, we’re interested by the next 30 years. So for us, you know, our change evolves, countries evolve, geographies evolve, economies evolve, however we evolve with them. So I judge we want to be adaptable however we want to be resilient in the case of working round the arena.
We judge about the long duration of time and we judge about how we invest thru cycles, and how we boom ourselves that we are going to be there to meet the wants of the countries that we wait on.
While you’re going to procure fresh investments in a rustic, it indicators sure change experiences from sooner than. Chevron has a huge investment in Bangladesh. Are you able to repeat us how grand you own got build in Bangladesh thus a ways?
We own build $4.1 billion of investment in Bangladesh over the final 30 years. And over $580 million is whisper into the financial system of native suppliers right here, sometime of the duration. So, as you mentioned, those investments that we procure, we enact judge about the long duration of time.
I hope that reveals the self assurance that Chevron has in Bangladesh in the case of the flexibility to proceed investing, proceed working, and proceed to supply stable, legit energy to Bangladesh, which is terribly, needed.
We had a changeover in management in August. Has there been any qualitative change in the investment and change atmosphere in Bangladesh?
We price our long-standing partnership and appreciate the meantime administration’s dedication to working thru challenges which own influenced our operations and investment outlook.
I judge in a really brief duration, we had an outstanding improvement in the fiscal atmosphere right here in Bangladesh. I mean, the fiscal steadiness continues to make stronger every and each day.
I judge Dr Yunus welcomed the international neighborhood to make stronger Bangladesh. We search for the steps that the meantime authorities is taking as very investor-minded. And after we hear that the country is buying for foreign whisper investment, they want to put money into the waste, they want to put money into the energy sector, that tells us [Chevron] that we want to be right here for the long duration of time.
So I judge since the change in the authorities, now we own seen prerequisites make stronger tremendously. And that became as soon as confirmed after I had the chance to meet with Dr Yunus, and I must [also] converse Ashik [BIDA] and Dr Khan [Energy Adviser) – all [have] consistent messages about their imaginative and prescient for Bangladesh.
So I own very optimistic about Bangladesh and the financial system and how it’s making improvements to.
What’s your notion for future exploration and manufacturing in Bangladesh?
I judge we are assessing all opportunities in Bangladesh. We have a tendency not to touch upon the subject because they’re very industrial in nature. Nonetheless we did portion with the authorities that, for us, we want to be wait on investing in Bangladesh, persevering with to gaze onshore exploration opportunities and to proceed advancing the resources right here. It’s vitally critical to Bangladesh and we search for the chance to proceed investment.
As we mentioned with Dr Yunus, we today undertook some drilling activities in the north of the country. We are assured that thru collaboration and commence dialogue with the authorities and Petrobangla, the challenges now we own confronted could also be resolved to free up fresh energy opportunities.
I judge Bangladesh goes to host a expose for onshore and offshore exploration. What’s Chevron’s notion?
Obviously, they [Chevron] are going to rob fraction in it. We explore in any admire opportunities, however in no plan commenting on any ongoing critiques or technical work that we’re doing. We are going to procure that known on the time that now we must enact so, however not sooner than then.
Nonetheless I will repeat you that we reside committed to supporting Bangladesh’s energy safety and financial say thru persisted partnership and investment.
There is a dialogue about Chevron’s proposals for exploration in the Surma basin. Attain you own got any be conscious-up?
We continuously explore at your total opportunities that now we own in Bangladesh. We own been doing it for various years. We doubtlessly know Bangladesh better than any international firm in the arena and we are going to proceed to explore in any admire these opportunities. Nonetheless of course develop not own any touch upon a selected opportunity true for industrial causes.
The expose and all heaps of negotiations are geared towards extra energy manufacturing. Bangladesh is an energy deficit country. What’s your suggestion?
I judge all kinds of energy are critical – diversifying energy and persevering with to design investment is typically critical for Bangladesh, in particular in the case of persevering with to own the flexibility to develop their imports of pure LNG and also invest domestically in gas resources.
I own some degree of stare that investing in domestic resources drives a host of serve for Bangladesh. It’s foreign whisper investment, it’s native insist. It’s persevering with to come the capabilities of Bangladeshi of us.
Our firm right here, as an illustration, by investing in onshore vogue, our firm is 97% Bangladeshi. So now we own constructed organisational functionality, this change right here is constructed by Bangladesh. It’s disappear by Bangladeshis, and that skills of course is required to Chevron as an endeavor.
How can Chevron abet Bangladesh, in particular in growing human resources – not for Chevron however for Bangladesh, appreciate for our national exploration firm Bapex?
I judge there are heaps of opportunities for us to accomplice at heaps of ranges with corporations in Bangladesh. We’re focused exclusively on growing our supply chains in Bangladesh and partnering with Bangladesh. Not handiest in universities or native communities, however also with those key companions. So now we own had many joint study and partnerships through the years. [Additionally] now we own coaching opportunities with heaps of those companions appreciate Petrobangla.
And I judge now we own an extraordinarily gifted group right here in Bangladesh, for Chevron Bangladesh and our companions – building their capability and functionality is required to us. Also, now we own neighborhood programmes.
CA Dr Yunus praised you to your CSR activities and social investment activities. From now on plans for the social sector?
We own invested over $15 million in our social investment projects over the final 14 years, benefitting extra than 120,000 americans and yearly, now we own a programme that continues to take a position and abet. We discover the areas in which we judge we can own essentially the most affect and we proceed to put money into that.
It became as soon as of course humbling to listen to a Nobel Peace Prize winner recognise us for our social investment. We own been ready to portion the highlights of our social investment with Dr Yunus and to listen to his solutions and praise for Chevron. It’s very, very powerful for us.
Thanks for giving us the time.
I of course enjoyed assembly you. Daily, every morning in Singapore, I come by an electronic mail along with your total files from Bangladesh. Thanks Zahid and thanks to The Trade Usual.
