Word: petrochina
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Historically, Harvard has been reluctant to let human rights considerations affect its investment decisions. But on rare occasions, the University has dropped its holdings in firms that have close ties to particularly reprehensible regimes. In response to the Darfur genocide, Harvard sold its stake in the oil company PetroChina in 2005. The Harvard Corporation, the school’s seven-member senior governing body, cited a “unique pattern of circumstances relating PetroChina to the crisis in Sudan”: oil revenues from a PetroChina-backed project have funded Sudanese weapons purchases, enabling the regime to slaughter innocent...
...Crimson had reported in January that, despite the decisions to divest from PetroChina and Sinopec—two Chinese oil firms with ties to Sudan—Harvard still maintained indirect holdings in these firms worth more than $16 million through investments in other funds...
Although Harvard's decision to divest from PetroChina in April 2005 set a precedent as the first university to divest from a company because of its involvement in Sudan, Millenson said that the CCSR report indicates a disappointing change of heart in the University's investment decisions...
...past two years, Harvard has divested from two Chinese oil firms, Sinopec and PetroChina, both accused of helping to fund the genocide in Darfur through their investments in Sudan...
...policy will not affect these holdings, but, as with Sinopec and PetroChina, Harvard will inform third-party money manager’s of its new decisions regarding ONGC...