Word: sinopec
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HARVARD'S SINOPEC SHARES REMAIN: Despite divestment announcement, University still appears to own several million dollars worth of stock in controversial companies...
Meanwhile, the emerging markets fund had invested 1.1 percent of its assets in PetroChina and 0.7 percent in Sinopec, meaning that Harvard holds another $5.8 million in PetroChina stock and $3.6 million in Sinopec through that mechanism...
...revelation that the University could own more than $16 million in PetroChina and Sinopec stock is particularly stunning considering that at the time of the earlier, highly-publicized divestitures, Harvard’s disclosed direct investment in the two companies totaled just $10 million...
Because Harvard owns the PetroChina and Sinopec shares through index funds, the University can only divest from the companies by selling off its entire stake in each of the two iShares entities...
PetroChina’s parent company, the China National Petroleum Corporation, and Sinopec are both members of a consortium known as Petrodar that is aiding the Sudanese government in the development of the east African country’s oil industry. The companies’ combined investment in the Sudanese oil industry totals to well over $1 billion, and profits from the industry are a major source of revenue for the Sudanese government...