Word: petrochina
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...picked up steam throughout the spring.Divestment from the University’s indirect holdings, however, may prove difficult.‘MUCH TRICKIER’In April 2005, Harvard became the first U.S. university to divest from a company linked to Sudan when it sold its holdings in PetroChina, a Chinese oil company. One year later, Harvard also divested from Sinopec, another Chinese oil firm.But in January 2007, The Crimson reported that Harvard still maintained indirect holdings in these firms—as well as Petronas, a Malaysian oil firm accused of helping fund the genocide—through...
...March 8, some people have asked, “Why do we have yet another divestment campaign? Didn’t Harvard divest from Sudan already?” The answer is not yet. Harvard has only divested its direct holdings in two Chinese oil companies: Petrochina and Sinopec. The focus of our campaign, however, is not Harvard’s indirect holdings in these companies. While we do want Harvard to divest from stocks, exchange traded funds, index funds, and other financial holdings when reasonable alternatives exist, the primary focus of our campaign is that Harvard divest from...
...presence in any country is characterized by a long-term commitment regardless of the regime.” Including genocidal dictators. Schlumberger’s presence in Sudan involves providing services to the three largest oil players in the country—China National Petroleum Company (parent company of Petrochina), the Oil and Natural Gas Company of India, and Petronas. Gould told me that his company pays $13.2 million every year to the Sudanese government and Sudan’s former finance minister Abda Yahia el-Mahdi has said that more than 70 percent of the government?...
...total divestment.” We recognize that it would be both impossible and harmful to the people of Sudan. Our policy is narrowly tailored to ensure that only companies that are funding the genocide and doing nothing to stop it—just like Petrochina and Sinopec—are targeted. Harvard has already decided two companies of this type merit divestment for their role in the genocide; we are merely asking them to extend this policy to other similar companies. We agree that extensive research and shareholder engagement should occur before any company is targeted for divestment...
...that Harvard still holds stock—albeit indirectly—in companies from which it had allegedly divested because of their involvement in Sudan, the student divestment movement has been launched anew. Apparently, the Corporation’s April 2005 decision to divest from directly-held stock in PetroChina, one such company, did not translate into selling off “indirect holdings,” such as mutual funds, which hold stock in the company. While we agree with student activists that Harvard should drop more of this indirectly-held stock, we do not support the creation...