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.