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Unocal Response to Implementation o
- Subject: Unocal Response to Implementation o
- From: BURMAJAPAN@xxxxxxx
- Date: Thu, 24 Apr 1997 02:42:00
Subject: Unocal Response to Implementation of Sanctions Against Myanmar by Clinton...
In a message dated 97-04-22 13:36:03 EDT, you write:
>Subj: Unocal Response to Implementation of Sanctions Against Myanmar by
>Clinton Admini
>Date: 97-04-22 13:36:03 EDT
>From: AOLNewsProfiles@xxxxxxx
>
> EL SEGUNDO, Calif., April 22 /PRNewswire/ -- Unocal Corporation today
>issued the following statement in response to the implementation of
sanctions
>by the Clinton Administration against new investment in Myanmar (Burma).
> We are disappointed that the Clinton Administration has chosen a
>policy of
>isolation and sanctions concerning new investments in Myanmar under the
>Cohen-
>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 the
>Administration's directive against new investments in Myanmar will have a
>material affect on our current involvement in the Yadana natural gas
project.
> Unocal remains focused on investment in Central and Southeast
Asia.
>The
>Administration's action will not change the company's long-term strategic
>direction of developing major energy-related projects throughout this
region.
> Historically, unilateral sanctions have proven to be ineffective.
>Economic engagement, not isolation, is the best way to promote positive
>change
>in countries such as Myanmar.
> During our 30-year history in Asia, we've seen that responsible
>foreign
>investment is the most effective way to promote long-term economic and
social
>development in countries throughout the region. We are concerned that the
>Administration's action may impede, rather than advance, these developments
>in
>Myanmar.
> The Yadana project is already providing significant benefits to
the
>35,000
>people who live near the pipeline area -- an extremely poor and undeveloped
>region of Myanmar. In addition to creating more than 2,000 jobs, the
project
>has begun a three-year, $6 million program to provide improved medical care,
>new and refurbished schools, electrical power, and agricultural development
>in
>the pipeline region.
> SOURCE Unocal Corp.
> CO: Unocal Corp.
> ST: California
> IN: OIL
> SU: