Published by Global Banking & Finance Review®
Posted on May 13, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GooglePemex addressed Norway's wealth fund concerns, but divestment due to corruption risks was upheld, despite compliance with global standards.
MEXICO CITY (Reuters) -Mexican state oil company Pemex said on Monday that it responded in a timely manner to requests for information from Norway’s wealth fund, but the fund's ethics watchdog maintained its recommendation to withdraw investments.
Norway's wealth fund, the world's largest, sold all its fixed income investments in Pemex on Sunday citing what it called an unacceptable risk that the company is involved in corruption.
Pemex said the fund's board had acknowledged its anti-corruption system was in accordance with international guidelines.
"However, it considered that it does not have sufficient information, specifically on acts of corruption in 2017, reported in the media," the oil company added.
(Reporting by Kylie Madry; Editing by Jacqueline Wong)
The main topic is Norway's wealth fund divesting from Pemex due to perceived corruption risks.
The fund cited unacceptable corruption risks despite Pemex's compliance with international anti-corruption guidelines.
Pemex stated it responded to information requests and highlighted its anti-corruption measures.
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