US Senate passes Sudan divestment bill

[oberliner]

WASHINGTON, Dec 13 (Reuters) - Despite Bush administration opposition, the U.S. Senate gave a green light to a grass-roots effort urging investors to withdraw their funds from companies doing business in Sudan because of violence in its Darfur region.

The Senate approved legislation on Wednesday letting U.S. state and local governments, as well as mutual funds and private pension funds, divest their investments in companies involved in four Sudanese business sectors including its oil industry.

Activists have pressed investors to divest their holdings in companies such as PetroChina Co. Ltd (0857.HK: Quote, Profile, Research), whose parent company, China National Petroleum Corp, is helping Sudan drill for oil. Malaysia's state-owned Petronas and India's Oil and Natural Gas Corp Ltd ONGC.Bo are also targets.

U.S.-based Capital Research & Management Co, Lazard Asset Management Co Ltd, and Blackstone Asia Advisors Ltd, were among the top 10 largest institutional holders of ONGC shares as of the end of September, according to Reuters Company Views.

http://uk.reuters.com/article/oilRpt/idUKN0540239220071213