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Buffett Fooling Self on PetroChina's Darfur Ties

06/01/07 - 11:39 AM EDT

PTR

Brett Arends

It doesn't stop there. The leadership of "innocent" PetroChina turns out to be pretty much the same people who are running Darfur-involved CNPC.

Don't believe me. Believe PetroChina. Just look through the company's latest public filings, and you will realize that most of the people at the top are, or have been for most of their career, CNPC people.

Take the chairman of the board, 60-year-old Chen Geng. Until last November he was also ... the general manager of CNPC. He held both positions from the spring of 2004. Chen has risen through the ranks of the oil and gas industry in Communist-controlled China for nearly 40 years.

Then look at PetroChina's vice-chairman and president, Jiang Jiemin. By amazing coincidence he is also the president and general manager of CNPC (he took over the general manager's role from Cheng last November). Jiemin worked for China's state controlled oil and gas industry for 30 years. As a a deputy provincial governor as well, he is a full-fledged member of the political elite.

Duan Wende, PetroChina senior VP, today combines this job with the role of "assistant to the general manager of CNPC," a role he has held now for six years.

Zheng Hu, a PetroChina director, is a deputy general manager of CNPC. So is Zhou Jiping, who only joined PetroChina after many years as the rising star of CNPC's ... international development operations.

In keeping with TSC's editorial policy, Brett Arends doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. Arends takes a critical look inside mutual funds and the personal finance industry in a twice-weekly column that ranges from investment advice for the general reader to the industry's latest scoop. Prior to joining TheStreet.com in 2006, he worked for more than two years at the Boston Herald, where he revived the paper's well-known 'On State Street' finance column and was part of a team that won two SABEW awards in 2005. He had previously written for the Daily Telegraph and Daily Mail newspapers in London, the magazine Private Eye, and for Global Agenda, the official magazine of the World Economic Summit in Davos, Switzerland. Arends has also written a book on sports 'futures' betting.

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