Home | News    Wednesday 16 May 2007

Fidelity cuts PetroChina ADR holdings by 91 pct over Darfur

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May 15, 2007 (BOSTON) — Fidelity Investments, the world’s No.1 mutual fund company, reduced its holdings of PetroChina Co. Ltd.’s American depositary receipts (ADRs) by 91 percent in the first quarter of 2007, according to a regulatory filing on Tuesday.

Fidelity has faced rising pressure from human rights groups to divest its stakes in PetroChina , Asia’s top oil and gas producer, because of the Chinese company’s links to Sudan, which rights groups accuse of human rights violations in Sudan’s troubled region of Darfur.

Fidelity’s 69-page filing showed it owned 420,916 ADRs of PetroChina as of March 31, compared with about 4.5 million ADRs as of end-December.

A Fidelity spokesman declined comment about the reason for the reduction in PetroChina holdings. The Boston-based fund company has previously countered criticism of its PetroChina investments by saying it was complying with all laws governing investments in Sudan.

(Reuters/ST)

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