press release

Unocal gives $500,000 to support ASEAN students in U.S.

El Segundo, Calif., April 8, 1999 - Unocal Corporation today gave $500,000 to the ASEAN Students Assistance Awards Program (ASAAP) to help students from Southeast Asia pursue their studies at U.S. colleges and universities despite the continuing Asian economic crisis.

The donation is the second the company has made to the program, bringing Unocal's total support for ASAAP to $1 million. The program was established in 1998 by NAFSA, an international organization of educators, in conjunction with the US-ASEAN Business Council.

To date, ASAAP has provided nearly 400 supplementary grants, ranging from $1,000 to $5,000, to students from Indonesia, Malaysia, the Philippines and Thailand, member nations of the Association of South East Asian Nations (ASEAN) which have experienced dramatic currency devaluation. To be eligible for ASAAP grants, students must be upper-division undergraduates enrolled in an accredited four-year college or university.

All grants made by ASAAP are tied to matched funds or in-kinds support from colleges and universities, in effect doubling the amount of financial aid available.

"We are very pleased to fulfill the million-dollar pledge that we made to this important program last year," said Roger Beach, Unocal's chairman and chief executive officer. "As Southeast Asia struggles to come out of its economic downturn, it is vital that students studying in the United States be able to complete their education. Many of these students will be the future business and political leaders of their respective countries. A solid education will help them not only pursue their professional aspirations but also support their families and communities."

Unocal's latest donation to ASAAP was made at a seminar held in Houston focusing on the future of the ASEAN region. The event was hosted by the US-ASEAN Business Council and attended by ambassadors from ASEAN member nations.

ASAAP is administered by NAFSA. In addition to Unocal's support, the program receives funding from other corporations and the US-ASEAN Business Council, with additional assistance from the United States Information Agency.

Unocal is one of the world's largest independent oil and gas exploration and production companies, with resource development, power plant and pipeline projects in Asia, the U.S. Gulf of Mexico region and Latin America.

Updated: April 1999