Word: petroleum
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...defense against Ted Turner, it will undoubtedly take a close look at a ploy that was set in motion last week by Unocal, which is trying to escape a take-over bid by T. Boone Pickens. A partnership led by Pickens, who is chairman of Texas-based Mesa Petroleum, has already bought 13% of Unocal, the twelfth largest U.S. oil company. The Pickens group is now seeking to acquire a majority of the company's stock by offering to purchase it at $54 a share. But Unocal has countered with a new variation of what Wall Street calls the poison...
...case of PetroChina is one where moral concerns clearly override the University’s legitimate desire to avoid having its investment decisions held hostage to a potential slew of causes. PetroChina’s parent company, China National Petroleum Company (CNPC), is a leading partner with the Sudanese government in the country’s production of oil, a major funding source for the government’s sanctioned genocide of the people of Darfur. A 40 percent stakeholder in a major Southern Sudanese oil concession, PetroChina’s parent company is also increasingly difficult to distinguish from...
...Monday, the Harvard Corporation Commitee on Shareholder Responsibility (CCSR) announced the University would sell its stake in PetroChina, an off-shoot of the China National Petroleum Corp. (CNPC), which has spent more than $1 billion developing Sudan’s oil resources. According to the CCSR’s statement, “substantial revenue from Sudan’s oil production has gone toward the purchase of weapons.” The Sudanese government has armed the Janjaweed militiamen who have slaughtered tens of thousands of villagers in the western region of Darfur...
PetroChina is a spin-off of the China National Petroleum Company, which has invested over $1 billion in a joint venture with Sudan to increase that country’s oil exports. Harvard’s decision makes the University the first institutional investor to cut ties with PetroChina in response to the Darfur crisis, activists said...
Today at 10:30 a.m., the United Front for Divestment, a coalition of many campus student groups, is assembling to protest Harvard’s investment in PetroChina, which is a subsidiary of the China National Petroleum Company (CNPC). The CNPC is an oil company almost solely owned by the Chinese government and has been the subject of much student controversy given its involvement with the Sudanese government’s genocidal regime. Students will be rallying in front of Loeb House, where the Corporation Committee on Shareholder Responsibility (CCSR)—which advises the Harvard Corporation on investment...