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BP Investors Protest Against Oil-Sands Venture

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Bloomberg: BP Investors Protest Against Oil-Sands Venture, Times Reports

By Lenka Ponikelska

April 18 (Bloomberg) — A group of BP Plc shareholders at the company’s annual meeting in London objected to the oil company’s decision to extract the fuel from Alberta oil sands, the London-based Times reported.

Eleven U.S. and British fund managers yesterday said BP’s decision to form an oil-sands venture with Canada’s Husky Energy Inc. last year was “deeply disappointing” and represented a step backward, the Times said.

Oil sands development is having some of the most serious “environmental impacts of any fossil fuel,” one investor, Miles Litvinoff of the Ecumenical Council for Social Responsibility, said, according to the newspaper.

The fund managers, which hold about $40 million of BP stock, include Boston Common Asset Management LLC, Trillium Asset Management Corp., Rathbone Greenbank Investments and NorthStar Asset Management, the Times said.

To contact the reporter on this story: Lenka Ponikelska in London [email protected]

Last Updated: April 17, 2008 19:07 EDT

http://www.bloomberg.com/apps/news?pid=20601102&sid=aF9vqtvgH1aE&refer=uk

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