facebook
twitter
rss
account
search
search
 

Myanmar needs conscious energy investments

May 10, 2013 at 7:18 AM   |   Comments

WASHINGTON, May 10 (UPI) -- U.S. energy companies examining the potential to work in Myanmar need to do so in an environmental and socially responsible way, an official said from Houston.

U.S. President Barack Obama signed an executive order last year authorizing U.S. investments in Myanmar in light of political reforms. Limitations were made, however, for the country's Defense Ministry and for sanctioned entities and individuals.

U.S. Deputy Assistant Secretary for Energy and Business Affairs Robert Cekuta told an offshore energy conference in Houston that U.S. companies looking at Myanmar need to invest wisely.

"We have paired our actions to ease sanctions with putting in place reporting requirements for U.S. companies that encourage responsible investing, including with regard to promoting transparency and respect for human and labor rights, as well as supporting sound environmental practices, and land use," he said.

He said there's a potential for "massive" revenue generated from offshore Myanmar, but economic issues need to be tied to human rights issues associated with the extractive industries.

Human Rights Watch last year called on the U.S. government to link rights issues to oil and natural gas investments. The group said it appears the government "caved to industry pressure" by its decision to allow deals with the state-owned oil Myanmar Oil and Gas Enterprise.

Topics: Barack Obama
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Deloitte: App downloads dwindle, 1 in 3 users disinterested
2
Iran wants to develop mini-LNG plants
3
AESA radar integrated into new F-16V
4
Europe could learn from U.S. shale success
5
Iraq worried by terrorist ties to oil
Trending News
Video
x
Feedback