12 February 1997
Platt's Oilgram News

Texaco, Conoco CEOs Blast Clinton On Sanctions

CEOs Archie Dunham of Conoco and Peter Bijur of Texaco made it clear during the opening session of the 16th annual Cambridge Energy Research Assoc conference here Feb 11 they believe US sanctions against unfriendly nations are hurting business back home.

Dunham began his presentation on an upbeat note, telling nearly 1,400 delegates attending the conference, "I've been feeling pretty good" about the high-price environment and the direction industry is headed.

The Conoco executive finished his talk with a slam on US "unilateral" sanctions policy, noting that in addition to 10 nations already under sanction by the US, another six may be added to the hit list."Together, these countries represent a significant chunk of our markets," Dunham said. "Sanctions should be used only as a last resort."

Dunham said foreign nations simply move in and take over contracts after US companies are forced out."We have to be able to do business in the Mideast where the bulk of the oil is," he added."It's a national security issue."

Dunham identified China, Nigeria, Turkey, Pakistan, Indonesia and Burma as nations that may be added to the US' sanctions list.

Dunham said "multilateral" sanctions, in which many nations participate, would be preferred."We could use the United Nations," Dunham suggested."Doing it on a unilateral basis just penalizes US citizens."

Although Texaco's Bijur said he opposes unilateral sanctions, his company would "obey the law" should the US sanction Burma, in which Texaco has oil and gas properties. Bijur emphasized that Texaco is not a defender of the Burmese government.

"But I feel unilateral sanctions are not the way to handle it," Bijur said. Conoco's Dunham said he is working with the Clinton Administration and the Congress to come up with "alternatives" to unilateral sanctions."We're working real hard to find some additional tools," Dunham said, adding that he believes the Administration will consider changes. Dunham said one alternative might be to hold US companies doing business in sanctioned countries to invest at a minimum level, or "something less than absolute sanctions."

(Copyright 1997 McGraw-Hill, Inc.)

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