Word: sinopec
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...economy is finally beginning to show the strain. "We're particularly concerned that rising energy costs will amplify the existing squeeze on corporate profit margins in China," says Ben Simpfendorfer, an economist at JPMorgan Chase in Hong Kong. Indeed, Shanghai Petrochemical, a unit of the state-owned oil company Sinopec, warned last week that profits in the second half of this year will decline significantly. If other companies feel a similar pinch, as Simpfendorfer fears, that could crimp one of the main drivers of China's current economic boom?spending by companies to build and equip new factories and other...
Student activists have called on Harvard to cleanse its endowment portfolio of all companies that conduct business with the Sudanese government, accusing the University of following a double-standard by divesting from PetroChina while maintaining stakes in Sinopec and Tatneft...
...Sinopec is currently constructing a $65.5 million pipeline in Sudan that could substantially boost the regime’s oil export revenues. ABB’s contracts in Sudan total to more than $36 million, and the company won a contract last year to improve the country’s power grid. Tatneft allegedly entered an oil-for-weapons swap with the Sudanese government in 2002, although initial reports of the deal have not been confirmed. Tatneft officials did not return repeated requests for comment from the Crimson...
...CCSR did not weigh in on Harvard’s investments in other companies with ties to Khartoum. The University’s most recent filings with federal regulators indicated that Harvard owned more than $3 million of stock in China Petroleum and Chemical Corp., or “Sinopec,” which is constructing a pipeline connecting oil fields to the coastal town of Port Sudan. The filings also showed that Harvard owned more than $2 million in Tatneft, a Russian company that signed a 2001 deal to explore oil fields in central Sudan...
...This month, Stanford’s Board of Trustees will consider a student-faculty panel’s recommendation that the University sell its shares in PetroChina, Sinopec, Tatneft, and a fourth firm, the Swiss-based power company...