Norway wealth fund removes Petrobras from its watchlist

Credit: REUTERS/Sergio Moraes

Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday.

OSLO, Dec 3 (Reuters) - Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras PETR4.SA from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday.

Petrobras was put under observation in 2016 over corruption risks. The fund's ethics watchdog, the Council on Ethics, believed the risk of corruption at Petrobras was now reduced, the central bank, which manages the fund, said.

"This assessment is based, among other things, on the legal settlement with the U.S. authorities, which confirms that Petrobras has implemented comprehensive improvement measures since the investigation began in 2014," it said.

(Reporting by Gwladys Fouche; Editing by Edmund Blair)

((gwladys.fouche@tr.com; +47 23 31 65 94; Reuters Messaging: gwladys.fouche.reuters.com@reuters.net; Twitter handle: @gfouche))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More