TEXACO IS OUT OF BURMA

[burma@xxxxxxxxxx]

iccr

Interfaith Center on Corporate Responsibility
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475 Riverside Dr., Rm 550, New York, NY 10115 ph (212) 8702295 fx (212)
870 2023

for more information contact:
Rev. John Paarlberg, (212) 870 3020
Fr. Joseph P. La Mar, (914) 941 7636 x2516
Rev. David M Schilling (212) 870 2928

TEXACO IS OUT OF BURMA; RELIGIOUS SHAREHOLDERS REJOICE

New York, September 25,1997 -- On September 23, 1997 TEXACO announced it
had sold its assets in a natural gas project in Yetagun, Burma to
Premier Oil of Britain. While the sale awaits government and partnership
approval, it is anticipated that such will be completed this November.

?TEXACO?s decision is a tremendous victory for the Burmese people,?
commented Rev. John Paarlberg of the Reformed Church in America, one of
the religious shareholders which has sponsored shareholder resolutions
pressing Texaco to withdraw from Burma. ?This sends a strong message to
Burma?s military dictators that there will be no ?business as usual?
until democracy returns.?

Texaco?s decision to withdraw from Burma is a product of the combined
efforts of the Burma democratic movement as well as students, religious
groups, human rights organizations, unions and others around the world.
President Clinton?s decision in April to bar new investments in the
military-ruled Burma in the interest of human rights has also promoted
U.S. companies doing business in Burma to critically evaluate their
continued presence.

?The move by TEXACO will definitely increase pressure on other companies
with business in Burma,? predicted Fr. Joseph P. La Mar of the Maryknoll
Fathers and Brothers, a community of Roman Catholic missioners, who have
participated in shareholder dialogues with Texaco. ?We plan to press for
the withdrawal from Burma of ATLANTIC RICHFIELD and UNOCAL.
Multinational oil company investment in Burma provides the largest legal
source of foreign currency to the regime.?

?We welcome TEXACO?s gesture, but we also appeal to Premier to seriously
reconsider their deal with Burma?s illegitimate regime,? said Bo
Hla-Tint, spokesperson for the National Coalition Government of the
Union of Burma.  ?We believe it is against the current trend of the UK
government?s Burma policy and the position of Daw Aung San Suu Kyi,
leader of the legitimately elected National League for Democracy, who
advocates no foreign investment with SLORC.?

Burma?s military dictatorship, the State Law and Order Restoration
Council (SLORC) has been condemned by the United Nations, U.S. State
Department, the International Labor Organization and human rights and
democracy organizations around the world.  SLORC egregiously violates
the human rights of Burma?s citizens through the use of forced labor,
forced relocation of villages, arbitrary arrest and detention of the
political opposition.

?We are heartened by TEXACO?s decision to leave Burma,? explained Rev.
David Schilling, director of Global Corporate Accountability Programs
for the Interfaith Center on Corporate Responsibility, an association of
275 Protestant, Catholic and Jewish denominations, religious
communities, pension funds, health care corporations and other
institutions. ?Premier Oil of Britain, however, should not move into
Burma as Texaco moves out.  We have contacted our colleagues at the
Ecumenical Committee on Corporate Responsibility in Great Britain to
press Premier Oil to respect the human rights of the Burmese people and
refuse to do business in Burma until democracy is restored.?

In 1997 religious and other investors submitted shareholder resolutions
related to the Burma operations of ATLANTIC RICHFIELD, CATERPILLAR,
UNOCAL, PEPSICO and TEXACO.  After a successful campaign and dialogue,
PEPSICO withdrew from Burma in May 1997.  Other companies that refuse to
do business in Burma include AMOCO, EDDIE BAUER, LEVI Strauss and LIZ
CLAIBORNE.

End.