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Investment in Bangladesh Gas Field

Middle East : 22 February 2010

Seoul: South Korea’s second-biggest oil refiner, GS Caltex Corporation, consented to invest in a natural gas exploration project in Bangladesh to increase its energy assets abroad.

The company signed a contract to purchase a 45 per cent stake in Block 7 in Bangladesh from Chevron Corporation, Seoul-based GS Caltex said in a statement, without saying how much amount it will pay.

Korean refiners including GS Caltex and bigger rival SK Energy Company are increasing investments in overseas energy assets to branch out revenue sources and secure supplies on prospects that oil prices will boost because the global economy recovers.

Crude oil prices have risen two folds in the past year.

Operator Chevron presently holds 90 per cent of the onshore block, while a Bangladeshi state company, Bapex, owns the balance, GS Caltex said.

The Korean refiner has got approval from the Bangladeshi government for the investment.

GS Caltex, equally owned by GS Holdings Corporation and the second-largest US oil company, Chevron, has stakes in six exploration projects in Thailand, Cambodia and Russia.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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