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New Paltz officials pressed on pipeline divestment

Jun 24, 2016 6:15 am

William J. Kemble is reporting in the Daily Freeman New Paltz town officials were urged to ask New York state to drop Ares Management investments because the firm allegedly offers a fund that supports the Pilgrim Pipeline project. Calls for the board to press the state to drop the fund at the meeting Thu., Jun. 23, included comments from Jess Mullen, a member of the Coalition Against Pilgrim Pipelines. Mullen said New Paltz has already demonstrated it wants to take a leadership role to avoid problems such as those experienced in California where a crude oil pipeline ruptured earlier that day. In the past two months, the village of New Paltz and town of Rosendale have passed resolutions objecting to investments in Ares Management. There is some uncertainty about whether the state pension system has investments in the pipeline, however. The state Comptroller’s Office denies there is pension money invested in the proposed Pilgrim project. If constructed, the two, 182-mile pipelines would run from Albany to Linden, N.J., moving natural gas to New Jersey and refined fuels north to Albany, largely along the I-87 corridor. Read the full story in the Daily Freeman.

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