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Talisman to withdraw from Sudan
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On Oct. 30, Talisman announced that it has agreed to sell its interest in the Greater Nile Oil Project in Sudan to the Oil and Natural Gas Corp., India's national oil company. The sale is worth $1.2 billion. "Talisman's shares have continued to be discounted based on perceived political risk in-country and in North America to a degree that was unacceptable for 12% of our production," Talisman CEO James Buckee said in announcing the sale. "Shareholders have told me they were tired of continually having to monitor and analyze events relating to Sudan." While the sale removes Talisman's direct involvement in Sudan, it is still not an appropriate investment for investors with human rights and/or environmental screens, according to Michael Jantzi Reseatch Associates Inc. In an alert issued Nov. 11, MJRA recommends that investors with such screens continue to avoid Talisman for the following reasons: · Talisman has refused to acknowledge its role in Sudan's human rights abuses · The company has not taken any meaningful action to redress these human rights abuses · The legal implications and financial obligations of Talisman's involvement in Sudan are still unresolved - the company has been named a co-defendant in a lawsuit alleging collaboration in ethnic cleansing against the civilian population · Talisman's record of dealing with human rights issues in Sudan raises concerns about the company's willingness to deal with human rights issues at its operations in Columbia · The company ranks in the bottom third of its industry with respect to environmental performance. For more information, visit www.talisman-energy.com and www.mjra-jsi.com.
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