Unocal Pulls Back $1.2 Billion Project

The $ 1.2 billion pipeline project proposed by Unocal has reportedly been suspended as the company finds no hope of getting the Bangladesh Government's permission for exporting gas to India.

Reports suggest that Unocal has already downsized its India office by withdrawing the mastermind of India-Bangladesh pipeline project, Ron Somers. Unocal sees "lack of political will" in Bangladesh in the gas export. The factor behind shelving the project was its belief that a broad political consensus in favour of the gas export was unlikely to emerge in the near future. Unocal also feels that political parties continue to use the issue to score points in the "national obsession of India-bashing," according to sources.