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Unocal is Optimistic in Protecting
- Subject: Unocal is Optimistic in Protecting
- From: ktint@xxxxxxxxxxxxx
- Date: Wed, 09 Apr 1997 15:23:00
Subject: Unocal is Optimistic in Protecting Slorc From US Law
Unocal is Optimistic in Protecting SLORC from the Danger of US Law
Reuters, Wednesday, April 09, 1997 at 12:09
WASHINGTON, April 9 (Reuter) - Unocal Corp plans to open a
headquarters office in Kuala Lumpur, Malaysia, this month as a base for
looking at new ventures throughout Asia, Unocal President John Imle said
The company, which recently sold off all of its U.S. refining
and marketing assets to focus purely on exploration and production, is
looking to expand its presence in Asia, where it already has big stakes
in Myanmar and Thailand.
Imle said he would be based in the Malaysia office, while the
rest of the company's board would remain in the "twin headquarters" in
"The greatest opportunity for growth is outside the United
States, and probably in Asia," Imle told reporters after speaking at a
conference sponsored by International Petroleum Finance Co. and
"We have a number of initiatives under way, and we're talking on
a project-by-project basis with a number of companies about joining
alliances, being co-venturers in various projects," he said.
Imle said Unocal was talking to Asian companies and non-Asian
companies that are active in the area.
He said the company was also interested in developments in
Brazil. "We're watching the situation in Brazil very closely," he said.
"We're very interested in the market for electrical power there."
"We're also very interested in the potential opening of Brazil
to private participation in the E&P (exploration and production) sector,"
he told reporters.
Imle said Unocal was working hard to prevent the U.S. government
from banning new investments in Myanmar. He said there were a lot of
misconceptions about the company's Yadana natural gas project in Myanmar.
"We're committed to staying in Myanmar as long as U.S. law
allows that," he said. "We hope that we can avoid the sanctions bullet
again this year."
Imle said the company was being proactive in trying to convince
the U.S. government that Unocal's presence in Myanmar was helping to
improve the human rights situation in the country. Under a law passed
last year, the Clinton administration is required to consider imposing
economic sanctions on Myanmar if the military government steps up action
against pro-democracy forces there.
Copyright 1997, Reuters News Service