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Maryland divests from Shell over Iran ties – report

Washington TV

Updated: Tuesday, November 17, 2009


The US state of Maryland has divested 38.3 million dollars from energy giant, Royal Dutch Shell, over its investment in Iran’s petroleum industry, the Jewish Telegraph Agency reported on Monday.

Citing a report in the Baltimore Jewish Times, the agency said that the state’s pensions and investments board also informed 13 other companies that their investments in Iran and Sudan are being monitored.

In 2008, the Maryland General Assembly voted to eliminate any company from its financial portfolio that invests more than $20 million annually in Iran’s petroleum industry. The state had approved a similar measure regarding Sudan.
According to the report, Maryland companies have $280 million invested in economic operations in Iran and Sudan.
Six other states – Missouri, Florida, New Jersey, Ohio, Illinois and California – have enacted legislation to divest their pension plans of companies that do business in Iran.
Source: Jewish Telegraph Agency
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