SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 22, 1997
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UNOCAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-8483 95-3825062
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(Commission File Number) (I.R.S. Employer Identification No.)
2141 Rosecrans Avenue, Suite 4000, El Segundo, California 90245
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(Address of Principal Executive Offices) (Zip Code)
(310) 726-7600
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(Registrant's Telephone Number, Including Area Code)
Item 5. OTHER EVENTS.
On April 22, 1997 the following news release was issued:
UNOCAL RESPONSE TO IMPLEMENTATION OF SANCTIONS
AGAINST MYANMAR BY CLINTON ADMINISTRATION
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El Segundo, Calif., April 22, 1997 -- 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.
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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.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNOCAL CORPORATION
(Registrant)
Date: April 23, 1997 By /s/ CHARLES S. MCDOWELL
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Charles S. McDowell
Vice President and Comptroller
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