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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
Clinton
Administration
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
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.
-0- 04/22/97
/CONTACT: Barry Lane of Unocal Corp., 310-726-7731/