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Chevron's $240 million claim against the government has been unanimously rejected by the International Centre for Settlement of Investment Disputes (ICSID). This may have saved Bangladesh $312 million over 20 years.
On Tuesday, the three-member ICSID tribunal unanimously dismissed the US oil giant's claim "on the merits" of the case. The dispute related to whether, under the Production Sharing Contracts for the blocks covering the Bibiyana, Moulavibazar and Jalalabad gas fields, Petrobangla was entitled to receive 4 percent of Chevron's total share of natural gas.
Chevron filed a case against the case in 2006 saying that Petrobangla should not have been deducting 4 percent from the bills that the company sent for the purpose of supplying gas to the government from three gas fields. This dispute continued over years.