Friday, October 26, 2007

Danes pull out of Burma oil stocks

From Global Pensions:

DENMARK - A Danish pension fund has announced it has acted to divest its DKK65m (US$12m) holding in oil companies working in Burma.

PKA which manages DKK114bn (US$21.5bn) for eight pension funds, said the board had taken this decision due to political sentiment in the country.

A PKA spokesman told Global Pensions: “Following a statement from Per Stig Møller, the minister for foreign affairs, that he would have preferred sanctions on Myanmar Oil and Gas to be put in place, we felt unable to retain our shares in companies working there.”

ATP, the Danish labour market pension fund, announced yesterday it would sell its stakes in Total and other oil companies working in the politically troubled state.

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