Word: petrochina
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...divestiture from Sinopec comes almost exactly one year after Harvard relinquished its stake in another Beijing-based firm, PetroChina, that also played an extensive role in Sudan’s oil export industry. “Oil is a critical source of revenue and an asset of paramount strategic importance to the Sudanese government,” the Harvard Corporation said in a statement at the time...
Manav K. Bhatnagar ’06, the co-founder of the website HarvardDivest.com that hosted the initial petition targeting PetroChina and the more recent anti-Sinopec effort, called today’s announcement “a welcome step.” In an e-mail, he wrote that “Harvard’s divestment still remains the most limited in scope compared to divestment decisions of other universities...
...companies, but more importantly, have set down concrete criteria to guide investments,” Bhatnagar wrote. “Harvard's current system of reviewing investments is ad-hoc and inadequate,” he added. “This explains the fact that while Sinopec and PetroChina met the same criteria, there was a one-year gap in Harvard's divestment...
Last month Yale divested from seven firms with Sudan ties, including PetroChina, Sinopec, and five other stocks that are not listed in Harvard’s SEC filings. “Not that anyone is keeping score or anything, but Yale 7, Harvard 2,” Sabine J. Ronc ’07, co-founder of the Harvard Darfur Action Group, wrote in an e-mail today. “We know we can do better,” Ronc added...
Meanwhile, a student-led petition calling on Harvard to sell its holdings in Sudan-linked firms garnered its 1,000th signature this past weekend. That total is more than the roughly 800 names that a similar petition targeting Harvard’s holdings in PetroChina garnered last year. Harvard divested from PetroChina last April due to concerns about the firm’s ties to the Sudanese government...