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

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, as Petrobras is formally known, said a 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.

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(Picture: REUTERS/Sergio Moraes)

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