Buffett sells all stakes in Petrochina

Renowned American investor Warren Buffett has disposed of his remaining stake in Petrochina, the Financial Times reported. Buffett said his firm, Berkshire Hathaway sold because of price, and not due to any political or social considerations over the company's ties to Sudan. Petrochina's parent company, China National Petroleum Corp, owns the largest single share in the consortium that dominates Sudan's oil industry. Buffett began reducing his 11.05% Petrochina stake in July, saying later that he had sold too early as the company's share's price had since risen. Berkshire Hathaway paid US$488 million for its Petrochina stake and made US$3.5 billion upon selling. His exit has not had a negative effect on the share price.