Norway Resumes Investment in Brazil’s Petrobras 

Norway Resumes Investment in Brazil’s Petrobras 

Norway has reverted the country’s decision to prevent Norway’s largest pension fund, KLP, to invest in Brazil’s state-run Petrobras, according to Reuters

Norway had prevented investment in the Brazilian oil company following revelations of a corruption scandal. However, Petrobras is said to have made considerable improvements in its governance after the so-called Operation Car Wash corruption probe declared Petrobras fit for investment.

The investigation unearthed hundreds of politicians and businesspeople embroiled in a bribery scandal whereby public contracts were exchanged for money with Petrobras.

In 2016, the Norwegian government issued a statement announcing its exclusion of Petrobras from its portfolios. Before the scandal unfolded, KLP had $3.57 million invested in Petrobras.


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