PetroChina to List on NY Stock Exchange, Tibet's Natural Heritage for Sale
[International Campaign for Tibet (ICT). March 30, 2000.]
PetroChina, a newly formed "domestic" subsidiary of the colossal state-owned China National Petroleum Company (CNPC), is due to list their Initial Public Offering on the New York Stock Exchange next Thursday, APRIL 6th. Visit http://savetibet.org
The lead underwriters, Goldmann-Sachs Group Inc., initially hoped to raise $10 billion to fund the construction of a 7,000 mile pipeline from the Tsaidam Basin of Tibet to Shanghai, to fund the downsizing of millions of workers by parent company CNPC, and to support the CNPC's greater expansion objectives abroad - including in the Sudan where China has been complicit in the slaughter of more than 2 million Sudanese Christians.
Against all odds, a broad coalition of groups including Tibetan rights activists, the AFL-CIO, anti-slavery groups, and environmental organizations have succeeded in generating a maelstrom of protest that has driven PetroChina's target listing from $10 billion down to $2.8 billion dollars.
We have, among other things, persuaded investors and public pension funds that control more than $1 trillion in assets - including giants CalPERS and TIAA-CREF -- to commit to not investing in the deal and we have made PetroChina the most politically risky investment on the public market in more than two decades.
BUT THERE IS MORE TO BE DONE AND WE NEED YOUR HELP!
Much like the proposed World Bank resettlement project, the PetroChina deal will set a sinister precedent for destructive development of the Tibetan Plateau for Chinese interests. If PetroChina is successful it will pave the way for China to list similar deals on international markets and Tibet's future will be for sale to the highest bidder.
TAKE ACTION NOW! We have only until April 6th -- one week left -- to stop this deal! http://savetibet.wego.com/go/wego.pages.page?groupId=38613&v iew=page&pageId=105025&folderId=105024&panelId=113858&action =view
1. SEND THE SAMPLE LETTER BELOW TO ARTHUR LEVITT, the Chairman of the Securities Exchange Commission, mailto:firstname.lastname@example.org and demand that he put the PetroChina offering into a "cooling-off period." This type of delay will allow ample opportunity for the SEC to review the numerous securities violations and to achieve greater transparency of the risks involved with the deal -- and is our best shot at stopping the deal all together!
Please send a carbon copy of this e-mail to our PetroChina campaign staff (mailto:email@example.com) so we can keep track of how many letters have been sent.
2. CONTACT YOUR REPRESENTATIVE in Congress and ask him/her to urge the House Commerce Sub-Committee on Oversight and Investigations to conduct emergency hearings on the PetroChina IPO. The Securities Exchange Commission is accountable to the US Congress and a hearing is our best chance of exposing the fatal flaws in this deal so it can be stopped.
To find out who your House Representative is, visit http://www.savetibet.org/cgi-bin/congress.pl?cf=tibet/cong.c f, or check in your local telephone directory.
3. WRITE YOUR STATE TREASURER and ask that your State pension fund and other state controlled investments do not buy PetroChina stock. It is crucial that public funds are not used to invest in this risky and unprincipled company. It is also critical that State Treasurers are educated about the severe implications of this deal, so that future attempts by the Chinese government to list companies exploiting resources in Tibet will not be able to move forward.
To find out who your State Treasurer is, visit http://www.nast.net/, or check in your local telephone directory.
Please check the International Campaign for Tibet's (ICT) web site, http://www.savetibet.org for updates and breaking news about this important campaign.
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