Stocks Sold Because of Darfur?

I do not often hear about Warren Buffett selling any of his huge number of stocks, but that’s just what was in the news today.

The company involved is PetroChina Co, a Chinese Oil Company, and this report indicates that Buffett sold 16.9 million of his shares in the company. The sale, worth 210 million Hong Kong dollars (or 27 million U.S. dollars), reduced Mr. Buffett’s stake in the company to 10.96 percent from 11.05 percent.

PetroChina is owned by the China National Petroleum Corp. (CNPC). The controversy over Darfur stems from CNPC’s involvement with Sudan. “Activists say Chinese investments are helping Sudanese leaders resist pressure over Darfur,” according to the article.

Buffett responded to these allegations by stating at last May’s annual meeting, “PetroChina in no way tells the Chinese government what to do. We have no disagreement with what PetroChina is doing."

There is no word as to whether Buffett’s decision to sell had anything to do with the Darfur controversy, but the article states that other groups have jumped ship as well:

In May 2006, the California Public Employees' Retirement System, or Calpers, put PetroChina on a list of nine companies linked to Sudan that it would stop investing in. Other states and university endowments also have sold their shares in the company.