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MOULVIBAZAR, Apr 5 (BDNEWS): With Unocal's announcement of its US$16.4 billion takeover deal with ChevronTexaco at a function here today, Bangladesh expects return of the latter to its energy sector.
ChevronTexaco, the USA's second largest energy company, is active in the USA, Canada, Latin America, Caribbean, Europe, Euro Asia, Africa, Middle East and Asia Pacific.
Unocal is the eighth largest energy company of the USA.
Industry sources said that the ChevronTexaco that earlier left Bangladesh will now be more interested in a bigger operation on its return.
Chevron had 60 percent interest in block 9 of the country, but after merger with Texaco it left Bangladesh handing over the shares to Canadian energy junior, Niko Resources Limited in January 2003.
"We will have no objection (to the return of ChevronTexaco) if the procedures are maintained as per PSC (production sharing contract)," said State Minister for Energy AKM Mosharraf Hossain.
He, however, said as per the US rules it will take not less than six months for the transfer.
The minister was talking to BDNEWS after Unocal Vice Chairman John W Creighton, who came from USA, told a function arranged on the occasion of formal inauguration of its Moulvibazar field, that they were joining ChevronTexaco.
He strongly reaffirmed Unocal's commitments to meeting the energy needs of Bangladesh through the safe delivery of gas to the consumers at an economical price.
Prime Minister Khaleda Zia formally inaugurated the operation of Unocal's Moulvibazar operation.
Mentioning Unocal's operation in Asia, including Bangladesh, Indonesia, Thailand, the Philippines, Vietnam and Myanmar, he informed that the company's performance in Asia was a "major factor" in the deal with ChevronTexaco.
"Bangladesh continues to be a part of the history of partnership and productivity in Asia," the Unocal senior executive said.
Meanwhile, a Reuters report from Singapore said: ChevronTexaco Corp. may sell Unocal Corp.'s North American onshore fields and Asian power plants for an estimated $2 billion after it closes the purchase of its smaller California rival, a source close to the plan said Tuesday.
ChevronTexaco, the world's fifth-largest oil company, beat out rival bidders such as Italian oil group Eni and snatched the prize at the last minute from state-run China offshore producer CNOOC Ltd., the source said.
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