Dunedin invests $1.7m in petroleum producers

Dunedin City Council has established that it has invested in oil companies.
Though the council is not saying the names of the companies, however says that it holds shares worth almost $1.7 million in petroleum producers.
The council mentioned, the investments were made through the city's Waipori Fund and accounts for about 5% of its holdings.
Sandy Graham, DCC corporate services group manager said, "Just under 5% of the Fund's equity portfolio is in direct investments in petroleum producers."
The Waipori fund is an investment fund using revenue from the sale of the Waipori Hydroelectric Power Scheme.
The results of that report have not yet been discussed by councillors or made public. Deep sea drilling is by now a sensitive subject in Dunedin, with Anadarko and Shell perched to start exploration off the Otago coast.
In the meantime, tomorrow hundreds of people are planning to take to the water in Otago Harbour in protest of Shell's plans to drill.
The protest has been organised by Oil Free Otago, which will mark the last day of the Oil Free Future Summit taking place in Dunedin.

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Protesters aim to create a blockade between Goat and Quarantine Islands, the commercial channel of the harbour.
The summit's website reads, "This nonviolent and legal protest is a symbol and a practice run to show Anadarko and Shell that we will not tolerate them in our waters."