Word: petroleum
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...efforts are directed at helping people understand the role UBS plays in genocide in Sudan, said Political Advocacy Chair Trevor J. Bakker ’10. UBS underwrote the initial public offering for PetroChina, a Chinese oil company. PetroChina’s parent company, China National Petroleum Corporation, develops projects that generate funds for the government of Sudan, which is accused of genocide in Darfur. While PetroChina and CNPC are technically separate entities, Bakker argues that there is enough evidence of asset flow and overlap in management to suggest that they are not independent. “PetroChina was created...
...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 that PetroChina and CNPC enjoy such close...
...outside Norway, the competition is fierce. As the world's demand for energy swells, petroleum-pumping countries like Russia and Venezuela "are asserting a higher degree of national control over [oil and gas] developments and leaving less room for non-national companies to participate," says Peter Mellbye, StatoilHydro's head of international exploration and production. While key Middle Eastern nations have long held their domestic oil companies and development projects in a tight grip, a more protectionist stance among energy powers elsewhere has, Mellbye says, "fundamentally changed the picture...
...easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrain and climate off Norway's coast, the company could become the industry specialist at tackling the world's most difficult jobs...
Humankind doesn't always get a second crack at answering a crisis, but perhaps this fresh encounter with $100 oil amounts to a global do-over. Most of the recommendations in a recent call to arms issued by the National Petroleum Council simply restate what we've known we should have been doing for almost 30 years--improve efficiency and conservation, develop clean and renewable sources of energy, make energy security a central element of national policy and global diplomacy...