NBIM revokes observation of Petrobras on behalf of GPFG

Norges Bank Investment Management (NBIM) has revoked the exclusion of Petroleo Brasileiro SA (Petrobras) on behalf of the country’s Government Pension Fund Global (GPFG).

Petrobas was initially placed under observation by NBIM in 2016 due to the risk of severe corruption.

“The Executive Board’s decision to revoke the observation was made on the basis of a recommendation from the Council on Ethics, which regularly shall assess whether the basis for observation or exclusion still exists,” NBIM stated.

The Council on Ethics believes that the risk of corruption is now reduced. This assessment is based, among other things, on the legal settlement with the US authorities, which confirms that Petrobras has implemented comprehensive improvement measures since the investigation began in 2014.

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