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re!!!! Unocal giving up natural-gas (r)
- Subject: re!!!! Unocal giving up natural-gas (r)
- From: waterly@xxxxxxxxx
- Date: Sat, 26 Apr 1997 16:15:00
Subject: Re: re!!!! Unocal giving up natural-gas exploration in Burma
Check It Out, but Unocal is still there doing what is was doing brfore.
We never eat a a pack of lies.
> From: dawn star <cd@xxxxxxxxxxxxxxx>
> Subject: re!!!! Unocal giving up natural-gas exploration in Burma
> check it out, this from the Financial Times, Friday, April 25, on how us
> companies are getting around sanctions: ..."Most of the new investment
> was in the oil and gas sector, with offshore
> exploration rights held by Unocal and Texaco being converted into
> production-sharing contracts.
> This distinction is important as the executive order implementing the
> new investment ban is expected to allow existing investment contracts to
> be fulfilled but not allow them to be expanded, modified or upgraded.
> Arco has also been heavily involved in natural gas exploration but it is
> unclear whether a production-sharing agreement has been reached."
> dawn star
> > From: moe@xxxxxxxxxxxxx (Julien Moe)
> > Subject: Unocal giving up natural-gas exploration in Burma
> > Unocal giving up natural-gas exploration in Burma
> > April 23, 1997
> > 10.18 a.m. EDT (1418 GMT)
> > SINGAPORE (AP) -- Unocal Corp., the biggest foreign investor in Burma, said
> > Wednesday it has given up developing two new natural gas fields because of
> > economic sanctions imposed by President Clinton.
> > Washington announced a ban Tuesday on new U.S. investment in Burma,
> > saying its military government has ignored appeals to ease repression and move
> > toward democratic rule. Clinton was expected to sign an order implementing
> > the sanctions later this week.
> > Burmese dissidents are calling for a boycott of business ties to the
> > ruling junta,
> > saying foreign investment strengthens its grip on power while doing little to
> > help ordinary Burmese.
> > "We were going to look at one or two additional blocks in the offshore area in
> > the Andaman sea, but it's clear we would not be able to do it,'' John G.
> > Vandermeer, a Unocal vice president for new ventures in South and Southeast
> > Asia, told Dow Jones Newswires.
> > Vandermeer said Unocal also would forgo other investments in Burma, but he
> > declined to give details.
> > The company will go ahead with plans to look for gas southwest of the Yadana
> > field in the the Andaman Sea because it already is committed by a deal signed
> > with the Burmese government in January, he said.
> > A $750 million project to build a gas pipeline and power plant to supply
> > Rangoon, the Burmese capital, also will go forward as planned.
> > "That is an existing project. We have agreements in place on that one,''
> > Vandermeer said. "It's simply one of the number of projects ongoing in the
> > country.''
> > He said, however, that the legal line separating new investments banned by the
> > sanctions from existing projects that are allowed to continue was unclear.
> > "It's something we have to see how the legislation defines,'' he said. "We
> > want
> > to work within the law but maintain our commitment to projects and Southeast
> > Asia in general.''
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