Reuters: Unocal Says Disappointed

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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 
central Asia.
         "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