Close on the heels of mining giant BHP Billiton deciding to quit India, Australia’s Santos wants to exit its two oil and gas exploration block in Bay of Bengal due to delays in getting approvals to start work.
Santos, Australia’s third-largest oil and gas producer, was in February 2007 awarded two blocks south-east of Kolkata, has written to the government saying it has not been able to carry out exploration in the area because of defence restrictions and maritime boundary dispute with Bangladesh.
It offered to surrender the blocks NEC-DWN-2004/1 and NEC- DWN-2004/2 on which it has already spent $60 million, reports Business Standard.
Santos had won the blocks, that lie close to Bangladesh border, in the 6
th round of New Exploration Licensing Policy.
Looming uncertainty in the political arena and its ultimate consequences through continuous violence on the streets for the last couple of months have restrained foreign entrepreneurs from making fresh investments in Bangladesh.
The number of proposals for fresh investments by foreign entrepreneurs has halved within a month, according to sources, reports the Independent.
The Board of Investment (BoI) received only seven proposals in October against 15 in September this year. The amount of proposed investment against those projects also declined drastically. The foreign companies proposed to invest only $20 million in October against a commitment of $1,915 million in September. The number of local investment proposals also de...
DAILY ECONOMIC INDICATORS OF BANGLADESH
Sunday Previous
Taka/US $ (inter-bank) 77.75-77.75 77.75-77.77 Call money rate (inter-bank) 06.25-08.00 05.50-08.00 Dhaka Stock Exchange index 4,302.56 4,277.39
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MONTHLY
CURRENT PREVIOUS Growth in: Consumer price index (BBS) Change yr/yr (pct) Nov. 7.15 7.03
M2 supply (bln taka) (BB) Sept. 6,267.23 6,199.89 Forex reserves ($bln)(BB) Nov. 17.11 17.35
Exports(FOB) ($...
The Bangladesh High Commission in Singapore has refuted the news reports appeared on a section of media and news involving a Bangladeshi worker in a bus accident in Singapore commenting ‘is not based on facts’.
In a statement on Monday morning, The Bangladesh High Commissioner Mahbubuz Zaman also rejected reports that the incident was fuelled by a bus accident involving a Bangladeshi worker.
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Officers from the C...
Weapons and explosives are being smu...
