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Issue No. 153 | 20 September 2002 |
Less Is More
Interview: Still Flying International: President Gas Politics: Australia: A Rogue State? Unions: Welfare Max Bad Boss: Welcome to Telstra! Health: Fat Albert: The Grim Reaper Satire: Iraq Pre-empts Pre-emptive Strike Poetry: A Man From the East And A Man From The West Review: The Sum Of All Fears
Retailers Lift Veil on Outworkers Super Fund Leads Options Assault Pressure Grows for Refugee Debate Abbott�s Mates Apply the Hilton Slipper Sydney Airport Wins On Casuals Bushfire Recovery Rights Recognised Premier Oil Pulls Out of Burma
Legends The Locker Room Bosswatch Awards Week in review Activists
Why We Are a Terrorism Target Radio Doco on 1973 Ford Strike An Atmospheric Piece
Labor Council of NSW |
News Premier Oil Pulls Out of Burma
Premier's two largest shareholders, Petronas and Amerada Hess, will strip the company of its Burmese and Indonesian assets respectively. Premier's name has become synonymous with corporate irresponsibility. In the 1990s the company went into partnership with Burma's military dictatorship to build a gas pipeline across Burmese territory for the sale of gas to Thailand. BCUK's campaign highlighted the financial lifeline the project provided to the junta, the human rights abuses committed by pipeline security forces, and calls by Burma's pro-democracy leader Aung San Suu Kyi that the company should pull out. As the campaign gained momentum the UK government took the unprecedented action of calling directly for Premier to withdraw from Burma. It seems however that the major blow was dealt when the Burma Campaign UK provided US investment funds with information that Amerada Hess had possibly contravened US sanctions and UK company law through its investment in Premier. With investors concerned that Amerada had broken the law, as well as mounting pressure from US Burma activists against Amerada, the company was left no option but to withdraw from Premier. The company's withdrawal was a catalyst for Petronas to similarly leave Premier. Both companies combined had a 50% holding in Premier. John Jackson, Director of BCUK says: "The demise and fall of Premier is a warning to any company thinking about investing in Burma - it's more trouble than it's worth. And if you won't listen to us, then give the Directors of Amerada Hess or Premier Oil a call." He added: "We won't stop here, we've won a battle but not the war. The pressure needs to be turned up on TotalFinaElf and Unocal, who are as guilty as Premier of propping up one of the most brutal regimes in the world."
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