Settlement reached in human rights lawsuit
El Segundo, Calif., Dec 13, 2004 - The following statement of the parties is being issued today by Unocal Corporation (NYSE: UCL).
The parties to several lawsuits related to Unocal's energy investment in the Yadana gas pipeline project in Myanmar/Burma announced today that they have reached a settlement in principle of their suits. Although the terms are confidential, the settlement in principle will compensate plaintiffs and provide funds enabling plaintiffs and their representatives to develop programs to improve living conditions, health care and education and protect the rights of people from the pipeline region. These initiatives will provide substantial assistance to people who may have suffered hardships in the region. Unocal reaffirms its principle that the company respects human rights in all of its activities and commits to enhance its educational programs to further this principle. Plaintiffs and their representatives reaffirm their commitment to protecting human rights.
Updated: December 2004