Petrobras Eliminates Corruption Risks and Can Resume Receiving Investments from Norway

After Operation Car Wash, Petrobras Is Again Able to Receive Investments from One of the World’s Largest Investment Funds

Car Wash – Petrobras announced yesterday evening on its news portal that the company is once again eligible to receive investments from KLP, Norway’s largest pension fund, which has total assets of R$430 billion. Equinor Awards MDE Group Contract for the Construction of Brazil’s Largest FPSO

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The fund’s decision came after Petrobras significantly reduced the risks of corruption following the complications from the Federal Police’s Operation Car Wash.

The good news was announced through a statement from the Fund, which highlighted that the company has greatly strengthened its governance in recent years to reduce corruption risks within the company.

Remember the Case

In 2014, at the height of Operation Car Wash, the fund removed Petrobras from its investment portfolio after several corruption cases were investigated, including suspicions of overpricing in contracts with shipyards.

KLP emphasized in the statement that the state-owned company took correct actions such as replacing those involved in the scandals and the fact that the company reached agreements with U.S. authorities to end legal actions.

This was not the only good news of this kind that Petrobras received. For months, the Brazilian oil state-owned company was also removed from the list of companies under observation by the Norwegian Sovereign Fund’s Ethics Council, after being included in 2016.

The Ethics Council also recognized, at the time, Petrobras’ actions to combat corruption, highlighting that the Federal Public Ministry and the Brazilian Federal Supreme Court officially declared Petrobras a victim regarding the Operation Car Wash investigations. 

It is worth mentioning that more than R$ 4.5 billion has already been refunded by Brazilian authorities to the oil company’s coffers.