Word: petroleum
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...University of California—have cut ties to Tatneft to protest that company’s links to the Khartoum regime. In its most recent filing with federal regulators on Feb. 9, Harvard revealed that it owned 134,050 shares in Sinopec, also known as the China Petroleum and Chemical Corporation. Those shares were worth a total of $8.3 million on the New York Stock Exchange at noon today. Since Sept. 30, 2001, when Harvard first reported to the federal Securities and Exchange Commission (SEC) that it had purchased a stake in Sinopec, the price of shares...
...question that Prudhoe Bay, the nation's largest oil field, is in decline. Production has slumped from a daily average of 1.6 million bbl. in 1988 to just 425,000 bbl. in 2005. To extract whatever oil remains, BP, which operates the field for a consortium of petroleum companies that includes ConocoPhillips and Exxon Mobil, has been taking measures that may have unintentionally raised the risks. Drilling more wells to further develop Prudhoe just adds to the more than 1,700 miles of pipeline that already crisscross the North Slope, increasing the chance of leaks. And other techniques, such...
...great petroleum reserves of Alaska are slowly but inexorably drying up, along with the profits of the oil companies that operate there. Meanwhile, 30-year-old pipelines that stretch like a giant cobweb over the oil fields of the North Slope, a flat expanse between the majestic Brooks Range mountains and the Arctic shore, need more and costlier maintenance than ever. The new spill puts into sharp relief the same question that has stalemated the ANWR debate since the 1980s: Can oil companies focused on their bottom line be trusted to protect Alaska's fragile environment...
...asked public pension boards in Massachusetts to sever ties from firms with financial holdings in Sudan. Capuano is travelling in Africa with a congressional delegation. His office did not respond to a request for comment yesterday. Harvard divested its endowment holdings in PetroChina, a subsidiary of the Chinese National Petroleum Corporation, in early 2005, after mounting pressure from students, faculty, and alumni. But the University has maintained shares in other businesses with ties to the Sudanese government, including the oil companies Sinopec and Royal Dutch Shell. The Khartoum government has helped fund militia groups responsible for over 200,000 deaths...
...Sudan, including Sinopec, an oil firm accused of close ties to the Khartoum regime.Sinopec is the major contractor on a pipeline that will carry oil from the Melut Basin in southern Sudan to a Red Sea port—a project that could boost Sudan’s petroleum exports substantially, according to a December 2004 Washington Post report.At the end of last year, Harvard owned 134,050 Sinopec shares—a stake that was worth about $8.2 million at the close of trading yesterday.One of the leaders of the renewed Sudan divestment campaign, Jennifer T. Morse...