Unocal Won’t Drop Project in Myanmar
El Segundo-based Unocal Corp. said it was not considering withdrawing from its investment in the Yadana natural gas project in Myanmar, despite pressure from California Treasurer Phil Angelides and New York Comptroller Alan G. Hevesi.
A day earlier, Unocal said it was taking under advisement a request by Angelides and Hevesi to drop the project or prove to shareholders that its value outweighs any risk.
Unocal clarified its position Wednesday, saying the company was considering only the request to do the analysis of the benefits to shareholders.
Activists have pushed for Unocal to leave Myanmar, citing alleged human rights abuses by its government.
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