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UNOCAL RESPONSE TO US SANCTIONS
- Subject: UNOCAL RESPONSE TO US SANCTIONS
- From: moe@xxxxxxxxxxxxx
- Date: Tue, 22 Apr 1997 22:45:00
Unocal Response to Implementation of Sanctions Against Myanmar
by Clinton Administration
EL SEGUNDO, Calif., April 22 /PRNewswire/ -- Unocal Corporation today
issued the following statement in response to the implementation of sanctions
by the Clinton Administration against new investment in Myanmar (Burma).
We are disappointed that the Clinton Administration has chosen a policy of
isolation and sanctions concerning new investments in Myanmar under the Cohen-
Feinstein amendment of the 1997 Foreign Operations Appropriations law.
Unocal, of course, will abide by the Administration's order. We will
review the order once it is made available to us. We do not expect that the
Administration's directive against new investments in Myanmar will have a
material affect on our current involvement in the Yadana natural gas project.
Unocal remains focused on investment in Central and Southeast Asia. The
Administration's action will not change the company's long-term strategic
direction of developing major energy-related projects throughout this region.
Historically, unilateral sanctions have proven to be ineffective.
Economic engagement, not isolation, is the best way to promote positive change
in countries such as Myanmar.
During our 30-year history in Asia, we've seen that responsible foreign
investment is the most effective way to promote long-term economic and social
development in countries throughout the region. We are concerned that the
Administration's action may impede, rather than advance, these developments in
The Yadana project is already providing significant benefits to the 35,000
people who live near the pipeline area -- an extremely poor and undeveloped
region of Myanmar. In addition to creating more than 2,000 jobs, the project
has begun a three-year, $6 million program to provide improved medical care,
new and refurbished schools, electrical power, and agricultural development in
the pipeline region.
SOURCE Unocal Corp.
CONTACT: Barry Lane of Unocal Corp., 310-726-7731