Petroleo Brasileiro, Aracruz Removed From Sustainability Index

Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil company, was removed from the BM&FBovespa Business Sustainability Index, a group of companies with the best social and environmental performance in Brazil.

Aracruz Celulose SA, the largest producer of eucalyptus pulp, and Cia. Paranaense de Energia-Copel, a Brazilian utility controlled by the country’s Parana state, were also removed from the index, BM&FBovespa said today in an e-mailed statement. The change is effective Dec. 1.

No reason was given for the change. Officials at Petrobras, as Petroleo Brasileiro is known, couldn’t immediately be reached for comment.

To contact the reporter on this story: Jeb Blount in Rio de Janeiro at jblount@bloomberg.net.

To contact the editor responsible for this story: Tony Cox at acox3@bloomberg.net.

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