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Reuters: Unocal Says Disappointed
- Subject: Reuters: Unocal Says Disappointed
- From: ktint@xxxxxxxxxxxxx
- Date: Wed, 23 Apr 1997 11:30:00
Subject: Reuters: Unocal Says Disappointed by US Sanctions
Unocal Says Disappointed by US Sanctions Against SLORC
Reuters, Tuesday, April 22, 1997 at 07:36
BANGKOK, April 22 (Reuter) - Unocal Corp's chairman and chief
executive Roger Beach said on Tuesday he was disappointed by a U.S.
decision to impose economic sanctions on Burma.
But Beach told Reuters in an interview the sanctions would not
affect the U.S. company's direction toward investing in southeast and
"If it's true, we are terribly disappointed because we feel that
engaging in other infrastructure projects for Myanmar (Burma) at this
time would be very beneficial to the development of the economy of
Myanmar," Beach said during a visit to Bangkok.
Earlier on Tuesday a U.S. official said in Washington that
President Bill Clinton had approved imposing economic sanctions against
Burma due to human rights abuses by the country's military government.
The State Department was due to announce the sanctions, which
would involve banning new U.S. investment in Burma, later on Tuesday, the
official told Reuters.
Unocal is the largest American investor in Burma, helping to
make the United States the fourth largest foreign investor in the country
in terms of approved foreign investment.
Several other major American companies have pulled out of Burma
following pressure by human rights organisations. Beach said Unocal did
not want to make many comments about the sanctions because the official
announcement had not been made and the company was not sure what sort of
ban would be called for by the sanctions.
But he said the decision would not affect Unocal's new focus on
investment in Asia.
"This will not change Unocal's strategic direction in investing
in southeast and central Asia," he said. "We firmly believe that Unocal
can contribute as a partner in this region to the betterment of the lives
of the people in the countries we work in, and at the same time create
value for our shareholders."
-- Bangkok newsroom (662) 652-0642
Copyright 1997, Reuters News Service