Berkshire Hathaway and Fidelity are intent on not seeing the connection between their investments and the genocide in Darfur

While Sudan's oil revenue has been providing arms and funding for the genocide in Darfur, Berkshire Hathaway and Fidelity became the largest US investors in PetroChina.  Berkshire Hathaway continues to be largest investor. 

  • Fidelity has recently reduced itsholdings, but is still a very large investor.
  • Click here for information on Fidelity's SEC filing on May 15, 2007, and the attendant press coverage showing that our combined voices can have an impact.   
  • Click here for our most current view of Fidelity's holdings of PetroChina and Sinopec.

PetroChina's closely related parent, CNPC, is Sudan's largest partner in the oil industry there. We hold PetroChina accountable, just as we would CNPC, since the "separation between these two companies is largely cosmetic" and they "should not be rewarded" for creating distinctions on paper to obscure their connections to the genocide. Read more about China's Problem Oil Companies in Sudan. (Quotations from the Yale ACIR report.)

Berkshire Hathaway, by virtue of its very large holdings in PetroChina, is especially well positioned to play an important role in helping to end the genocide. Berkshire Hathaway can either strenuously and publicly engage PetroChina to effect a change in the behavior of the government of Sudan or divest. However, instead of taking decisive action, Berkshire Hathaway has advanced weak rationalizations in an attempt to justify its investments and distance themselves from involvement in this first genocide of the 21st century.

  • Berkshire Hathaway's holdings in PetroChina are worth about $2.8 billion, based on stock prices on February 14, 2007. Their December 31, 2006 annual report showed 2,338,961,000 H share equivalents, which is about 11% of the shares outstanding.

Berkshire Hathaway's position


Berkshire Hathaway issued a statement on February 21 claiming that divestment advocates are “wrong” about the relevance of their PetroChina holdings to the genocide. Berkshire makes several self-serving claims, each of which is incorrect, and in the process misses the central moral factor that is evident and has already been voiced by thousands -- Americans do not want their savings invested in companies that are helping to fund the genocide in Darfur.
  • Click here for the FidelityOutOfSudan letter to the Berkshire Hathaway Board of Directors- May 21, 2007
  • Click here for the FidelityOutOfSudan letter to Warren Buffett - March 9, 2007
  • Click here for the FidelityOutOfSudan press release on Berkshire Hathaway and PetroChina - March 9, 2007
  • Click here for the detailed analysis and rebuttal by the Sudan Divestment Task Force - February 23, 2007
  • Click here for "PetroChina, CNPC, and Sudan: Perpetuating Genocide" - JApril 15, 2007 report from the Sudan Divestment Task Force
  • Click here for "The Detrimental Presence of PetroChina/CNPC in Sudan: One Mind, One Will, One Corporation" - July 26, 2007 report from the Sudan Divestment Task Force
  • Click here for Berkshire Hathaway's statement on PetroChina - February 21, 2007 (Also available here.)

Fidelity's position


In the face of the genocide and citizen complaints, Fidelity has remained unmoved, saying their only job is to make money and the genocide is someone else's problem.
  • "Fidelity portfolio managers make their investment decisions based on business and financial considerations, and take into account other issues only if they materially impact these considerations or conflict with applicable legal standards."
    - Fidelity letter of October 5, 2006
  • "We believe the resolution of complex social and political issues must be left to the appropriate authorities of the world that have the responsibility, and capability, to address important matters of this type. And we would sincerely hope that they would do so wisely on behalf of all of the citizens of the globe."
    - Fidelity statement to CNN Money, published January 29, 2007

Take action and object to Fidelity and Berkshire Hathaway

  • For Fidelity - Go to FidelityOutOfSudan.com for instructions on how to sign the petition, contact Fidelity, and other actions.
  • For Berkshire Hathaway