Word: petrochina
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Dates: during 2004-2004
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...weeks ago, the Crimson Staff demanded that the Harvard Management Company (HMC) divest its 72,000 shares of Chinese state-owned energy giant PetroChina because of its oil operations in Sudan. The editors rightfully pointed to the connection between Harvard’s endowment funds and the atrocities in Sudan. Through its investments in companies that continue to operate in genocidal Sudan, Harvard provides political and financial cover to businesses whose tax revenues and advanced technology arm Khartoum for the battle it wages against its citizens each...
...students have responded to the paper’s call for local action. Just last week, two students launched a website that urges Harvard to divest its endowment holdings in Chinese energy firm PetroChina. PetroChina, which has a long history of oil exploration and production in Sudan, lost billions of dollars because of its Sudanese operations during its initial public offering on the New York Stock Exchange in 2000. So far, the student petition has more than 180 student and faculty signatures...
...addition to providing a specific target for divestment, these important steps shed light on the important relationship between rogue states and all publicly-traded companies that fund them. But it is a likewise only a first step. Indeed, PetroChina is not the only company operating in Sudan in which Harvard’s endowment has invested...
Harvard does not have to be so passive about where it invests its endowment funds, or how it approaches emerging political and security risk categories. Harvard is part of an institutional investor community that exacerbates human rights abuses in Sudan and sustains terrorist-sponsoring states by investing in PetroChina, Sinopec, and dozens of other companies active in the world’s pariah states. According to the Center for Security Policy’s Divest Sudan initiative, 87 U.S. public pension funds have invested more than $90 billion dollars in 83 public companies that maintain active business projects in Sudan...
...yesterday afternoon, eight faculty members and 180 students had signed an online petition at www.harvarddivest.com, calling on the University to sell its 72,000-share stake in PetroChina...