Word: chevrons
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...government, prompting renewed calls for democracy from some foreign governments and organizations. Under the bill, Massachusetts would use its power as a shareholder in companies that operate in the country to pressure Myanmar’s military junta to restore democracy. The state employee retirement fund owns stocks in Chevron Corporation, the only known corporation with ties to Myanmar in the state’s portfolio, according to Rushing, formerly of the Class of 1964. The bill would require the State Treasurer to investigate and divulge the state’s other investments in Myanmar. “When...
...state pension fund is invested in Chevron Corp., which has operations in Myanmar, according to Rushing...
Harvard’s endowment is invested in Chevron as well. The University held 172,246 shares of the firm on June 30, according to its most recent filing with the Securities and Exchange Commission. That stake would be worth $15.8 million today...
Since 1997, the U.S. has responded to these rights violations through sanctions that bar new investment in Burma. Chevron acquired its stake in the Burmese joint venture eight years after the onset of the sanctions, when it purchased rival Unocal in 2005. But since Unocal’s stake in Burma predates the 1997 sanctions, and thus is not a “new investment,” Chevron can keep its stake in the joint venture under federal law. In fact, the joint venture has continued to expand production in Burma since 2005. It added another wellhead platform last...
...horrific heights. Still, Harvard should take little solace in the fact that the Burmese government has killed thousands (as opposed to hundreds of thousands) of its own people. The same “pattern of circumstances” characterizing the PetroChina-Sudan relationship is also present in the Chevron-Burma tie. Just as PetroChina’s parent company was a major player in the Sudanese oil industry, so too is Chevron a leader in the Burmese natural gas sector. Just as oil revenue props up the Sudanese regime, so too does natural gas keep the brutal Burmese junta...