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UNOCAL: US Sanctions Not Effective
- Subject: UNOCAL: US Sanctions Not Effective
- From: ktint@xxxxxxxxxxxxx
- Date: Thu, 24 Apr 1997 17:53:00
Subject: UNOCAL: US Sanctions Not Effective to SLORC or Yadana Project
Unocal Response to Implementation of Sanctions Against Myanmar by
PR Newswire, Tuesday, April 22, 1997 at 13:16
EL SEGUNDO, Calif., April 22 /PRNewswire/ -- Unocal Corporation today
issued the following statement in response to the implementation of
by the Clinton Administration against new investment in Myanmar (Burma).
We are disappointed that the Clinton Administration has chosen a
isolation and sanctions concerning new investments in Myanmar under the
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
Administration's directive against new investments in Myanmar will have a
material affect on our current involvement in the Yadana natural gas
Unocal remains focused on investment in Central and Southeast Asia.
Administration's action will not change the company's long-term strategic
direction of developing major energy-related projects throughout this
Historically, unilateral sanctions have proven to be ineffective.
Economic engagement, not isolation, is the best way to promote positive
in countries such as Myanmar.
During our 30-year history in Asia, we've seen that responsible
investment is the most effective way to promote long-term economic and
development in countries throughout the region. We are concerned that
Administration's action may impede, rather than advance, these
The Yadana project is already providing significant benefits to the
people who live near the pipeline area -- an extremely poor and
region of Myanmar. In addition to creating more than 2,000 jobs, the
has begun a three-year, $6 million program to provide improved medical
new and refurbished schools, electrical power, and agricultural
the pipeline region.
SOURCE Unocal Corp.
/CONTACT: Barry Lane of Unocal Corp., 310-726-7731/