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Article

1 May 2009

Author:
Amazon Watch [USA]

Occidental Petroleum's Toxic Legacy in the Peruvian Amazon To Dominate Annual Meeting

[A] delegation of concerned shareholders, environmental and human rights activists, lawyers and celebrities will once again address Occidental Petroleum's (OXY) annual stockholders' meeting to urge CEO Ray Irani and the Board of Directors to rectify the company's legacy of harm in the Peruvian Amazon before more Achuar people fall victim to widespread oil contamination…"Oxy shareholders should be concerned about the potential massive liability this case represents for the company, both in terms of financial as well as reputational risk," said Atossa Soltani, Executive Director of Amazon Watch…The New York City Common Retirement Fund, which holds 2,772,777 shares in Oxy representing an estimated $151 million, has filed a resolution that raises concerns about the company's handling of the Peru disaster. [also refers to Pluspetrol, Chevron]