Word: petrochina
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Last week, a company that funnels millions of dollars to the genocidal government of Sudan became the world’s first company worth more than $1 trillion. PetroChina is now the largest corporation, measured by market capitalization, in the world...
...company’s decision, telling news agency Swissinfo that “UBS does not do business with companies in Sudan or those that generate substantial revenues in Sudan,” only a tortuous reading of business relationships bears this claim out. While technically separate entities, PetroChina is a public subsidiary of China National Petroleum Corporation (CNPC), which owns 87 percent of PetroChina and controls its corporate governance policies. Indeed, the report that mandated Harvard’s divestment from PetroChina in April 2005—released by the Harvard Corporation Committee on Shareholder Responsibility—found...
...spokesman’s further apologia that the proceeds of PetroChina’s listing "will only be used in [China]," is just plain unverifiable. Money is fungible, and CNPC has invested millions of dollars in Sudanese oil projects. This oil money bankrolls the Khartoum regime; PetroChina has the power to influence what is going on in Darfur by tightening the regime’s pursestrings...
...Despite the obvious link between PetroChina and CNPC, UBS’s apologists contend that had UBS not served as underwriter, one of a number of other firms might have stepped in. But this clearly would not have been the case. As the result of a restriction imposed by China’s communist government, UBS is one of only two western firms that can serve as lead underwriter for companies in mainland Chinese markets, the other being Goldman Sachs...
...April, Harvard has divested its direct holdings in two Chinese oil companies with ties to Sudan—Petrochina and Sinopec—but still maintains holdings in companies such as Petronas and Schlumberger that have been accused of links to the genocide. [SEE CORRECTION BELOW...