Unocal chief defends investment in Myanmar

Unocal chief defends investment in Myanmar

BANGKOK (AFP): Unocal chairman Roger Beach yesterday defended
the U.S. oil giant's investment in Myanmar, saying such projects
benefited the country's people as well as company shareholders.

Asked his reaction to U.S. President Bill Clinton's reported
decision to impose economic sanctions on Myanmar, Beach said he
was "disappointed" but that Unocal remained committed to the
US$1.2 billion Yadana project.

He declined to comment further pending confirmation of the
report and clarification of the terms of any sanctions.

In an earlier address to the American Chamber of Commerce in
Bangkok, Beach had argued that economic sanctions were
counterproductive. "They hurt people, not regimes," he said.

"And they cut off American companies from places in the world
where we should be involved," he added.

Answering questions after the speech, Beach stressed that
projects such as the Total-Unocal project "benefit people of the
country and add value to our share-holders."

Beach told U.S. and Thai businessmen that politicians and
activists were wrong in thinking a pullout would force a change
of government in Myanmar. "We contend that open markets set the
fastest route to an open society."

The Unocal president and chief executive officer also defended
the project's record on preserving the environment and promoting
better labor and health conditions for people in the area of
southeast Myanmar.

Landholders were fairly compensated for land needed for the
project -- "about $2,000 an acre" -- and no villages were
relocated, he said.