[Date Prev][Date Next][Thread Prev][Thread Next][Date Index
Reuters: Taxaco Bemoans U.S. Sancti
- Subject: Reuters: Taxaco Bemoans U.S. Sancti
- From: ktint@xxxxxxxxxxxxx
- Date: Thu, 24 Apr 1997 17:53:00
Subject: Reuters: Taxaco Bemoans U.S. Sanctions on Burma
Texaco bemoans U.S. sanctions on Burma
Reuters, Tuesday, April 22, 1997 at 12:22
NEW YORK, April 22 (Reuter) - Texaco Inc on Tuesday bemoaned
the Clinton Administration's decision to impose unilateral sanctions
against the Burmese military government, a move that may affect a major
natural gas project in the country.
"We will abide by all U.S. laws, including those that may
affect trade and investment in Myanmar (Burma). Texaco believes, however,
that unilaterally imposed sanctions on any country are ineffective and
should be implemented only through international organisations," said
Yorick Fonseca, a Texaco spokesman.
The U.S. Secretary of State is due to outline the sanctions
shortly. Though they are not expected to affect existing investment, it
is not clear whether projects companies whose projects haven't reached
the development phase will be affected.
Texaco is the largest shareholder and operator for the Yetagun
gas field, which is estimated to have recoverable reserves of about one
trillion cubic feet of gas.
The field, discovered in 1992, is in 337 feet of water about
125 miles off Burma's western coast in the Indian Ocean.
It is currently being commercially evaluated and may involve major
investment in a pipeline to carry gas to Thailand.
Under unilateral sanctions "U.S. firms are penalised by an
unproductive embargo and placed at a completitive disadvantage to
foreign-based companies," Fonseca said.
Texaco holds a 42.9 percent interest in the field with the
following partners: Premier Oil of the U.K. (25.8%), Nippon Oil (17.2%)
and PTTEP (Petroleum Authority of Thailand) (14.2%). The Burmese
government through the state oil company has a right to take an interest
up to 15 percent if the field is developed.
Copyright 1997, Reuters News Service