Article Image

IPFS News Link • Oil

Climate Tales: BlackRock got Exxon to divest oil fields that PetroChina wanted...

• https://joannenova.com.au, By Jo Nova

When will the Green climate activists realize they are the minions of the Banksters, and communist governments?

In 2021 BlackRock used its shareholder influence to force Exxon to drop some gas fields under the guise of "climate activism". BlackRock were the second largest shareholder with 6.6% of Exxon at the time. They bragged about getting three new activist board members elected to help Exxon in the "energy transition". But they also happened to be major investors in PetroChina too with 7% of the Chinese oil and gas company and BlackRock didn't seem to care too much about their ESG policy. Conveniently, PetroChina was "poised" to buy many of the fields that the giant US oil company was getting its arm twisted to sell.

It's like sabotage of national assets

While BlackRock pretend to care about the environment, they were potentially undermining a US company, their US shareholders, and own pension fund clients, all to get a better deal, perhaps, with "favours" of who-knows-what for a foreign company, which is a subsidiary of the Chinese State CNPC. We can only speculate, but the conflict of interest is ripe with possibilities. It's easy to imagine President Xi being grateful. And as it happens, BlackRock became the first to operate a wholly owned China mutual fund in June 2021. Coincidence?

Thankfully, two US State Republican governments noticed the conflict of interest, and put pressure on BlackRock and other pension fund managers. The Wall Street Journal article below is a year old, but under the fiduciary duty headline, many people may have missed the detail about PetroChina being the winner, and about BlackRock's "environmental attitude" being so anti-West and pro-China.