Co-Chairs of the Congressional Caucus on Sudan Statement Regarding PetroChina IPO
August 9, 2007
It has been reported recently that PetroChina, a subsidiary of state-owned China National Petroleum Corp. (CNPC), will begin trading on the Shanghai Stock Market with an initial public offering following a presentation of this plan to stockholders at an August 10, 2007 meeting. In addition, on June 26, 2007 CNPC signed a 20-year contract with the Government of Sudan to explore and develop Sudan's offshore oil block 13.
PetroChina and its parent company have shown continued disregard for the ways in which their business dealings consistently support genocide and other human rights abuses perpetrated by the government in Khartoum. By signing further contracts and seeking increased investment, PetroChina and CNPC are deepening their complicity in what is undoubtedly one of the gravest human crises of our time.
As co-chairs of the Sudan Caucus, we urge all investors to avoid the PetroChina Shanghai Market IPO and further encourage divestment from companies, such as PetroChina and CNPC, which have continued business dealings with the genocidal regime in Khartoum. Responsible investment of personal and commercial funds is essential both to ensure protection of human rights around the globe, and to send a powerful message that complicity in genocide, however indirect, will not be tolerated by persons of conscience anywhere in the world.
The people of Sudan deserve to live in peace and dignity, and it is in this spirit that we oppose the new PetroChina IPO and all investment in that company.
Co-Chairs of the Congressional Caucus on Sudan
Contact: Alison M. Mills (617) 621-6208