Word: sinopec
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...divestiture from Sinopec comes almost exactly one year after Harvard relinquished its stake in another Beijing-based firm, PetroChina, that also played an extensive role in Sudan’s oil export industry. “Oil is a critical source of revenue and an asset of paramount strategic importance to the Sudanese government,” the Harvard Corporation said in a statement at the time...
...including Amherst, Stanford, and the 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...
...Harvard Corporation, the University’s highest governing board, directed the school’s endowment managers today to sell the Sinopec shares after the Corporation’s Committee on Shareholder Responsibility—which comprises Robert D. Reischauer ’63, an economist, and James R. Houghton ’58, the chairman of the glass and fiber-optic company Corning—recommended divestment. In a statement today, the Committee on Shareholder Responsibility said that Sinopec is a partner in a venture that will significantly increase oil production in southeastern Sudan in the coming months...
...It’s wonderful that they divested,” Kennedy School student Chad J. Hazlett, an organizer of the petition targeting Sinopec, said today. But, he added, “there should be discussion of a broader policy of divestment so we don’t find ourselves in this position again...
Manav K. Bhatnagar ’06, the co-founder of the website HarvardDivest.com that hosted the initial petition targeting PetroChina and the more recent anti-Sinopec effort, called today’s announcement “a welcome step.” In an e-mail, he wrote that “Harvard’s divestment still remains the most limited in scope compared to divestment decisions of other universities...