August 11, 2011
Investor coalition Conflict Risk Network (CRN) and a group of its members, including GES Investment Services, has called on eleven publicly traded oil firms with operations in Syria to halt operations or take other steps in response to the government’s ongoing violent crack down on civilian protestors.
CRN concludes in a press release that with the collapse of primary sectors of the Syrian economy, companies in the oil sector now represent an increased and essential proportion of funding and fuel that is sustaining the Syrian government. In addition, recent reports of damage inflicted on an oil pipeline suggest that they may be targeted directly due to their affiliation with the regime.
The investors are therefore asking oil firms to either immediately halt operations or make public or private statements to the Syrian regime to condemn the violence. They also call on the companies to establish clear policies and procedures for ensuring non-complicity in similar crises in the future.
The addressed oil companies are Gulfsands Petroleum (UK), INA Industrija DD (Croatia), Maurel ET Prom (France), MENA Hydrocarbons Inc (Canada), Petrofac (UK), Royal Dutch Shell (Netherlands), Saipem (Italy), Sinochem (China), Suncor Energy (Canada), Tatneft (Russia) and Total (France).
CRN comprises of nearly 100 international institutional investors with combined assets under management of more than $3 trillion as well as investment service providers. GES Investment Services joined the network shortly after its foundation in 2009.
For more information, please contact:
Flemming Hedén, Senior Engagement Manager and Product Manager