PetroChina Co. isn't the kind of company that fits the classic mold of Warren Buffett's Berkshire Hathaway Inc.
While PetroChina may have a profitable future and franchise in the world's most populous country, one increasingly ravenous for petroleum products, there are some compelling corporate- governance reasons to divest.
Lately, though, Buffett has taken heat for his stake in China's biggest oil company and its suspect relationship to its parent, the state-owned China National Petroleum Corp., which has been linked to human-rights abuses near the oilfields of Sudan.
With Berkshire's annual general meeting approaching, it is likely the Sudan issue will get an airing. Gerald Porter, holder with his wife Judith of 10 Berkshire ``B'' shares, has introduced a resolution calling for the Omaha, Nebraska-based company to divest PetroChina. They hope to talk with Buffett about their proposal.
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While PetroChina may have a profitable future and franchise in the world's most populous country, one increasingly ravenous for petroleum products, there are some compelling corporate- governance reasons to divest.
Lately, though, Buffett has taken heat for his stake in China's biggest oil company and its suspect relationship to its parent, the state-owned China National Petroleum Corp., which has been linked to human-rights abuses near the oilfields of Sudan.
With Berkshire's annual general meeting approaching, it is likely the Sudan issue will get an airing. Gerald Porter, holder with his wife Judith of 10 Berkshire ``B'' shares, has introduced a resolution calling for the Omaha, Nebraska-based company to divest PetroChina. They hope to talk with Buffett about their proposal.
Read the complete article
