July 14, 2020 / 12:47 AM / a month ago

Norway's KLP drops investment ban on Brazil's Petrobras as governance improves

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes

BRASILIA (Reuters) - Brazil’s Petrobras said on Monday it is again eligible to receive investments from Norway’s largest pension fund, KLP, which had blocked investments in the state-owned oil firm following revelations of a sprawling corruption scheme.

Petroleo Brasileiro SA (PETR4.SA), as Petrobras is formally known, said considerable improvement in its governance following the so-called Operation Car Wash corruption probe led KLP to declare Petrobras as eligible for investment.

KLP did not immediately respond to request for comment.

Operation Car Wash uncovered Brazil’s largest-ever corruption scheme in which hundreds of politicians and businesspeople were implicated in exchanging bribes for public contracts with Petrobras.

In a 2016 statement announcing its exclusion of Petrobras from its portfolios, KLP said it had 33.74 million NOK ($3.57 million) invested in Petrobras shortly before the decision was made.

Reporting by Jake Spring and Gabriel Araujo; Editing by Leslie Adler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below