Statoil ASA, Norway’s biggest petroleum company, will change its name to as it seeks to broaden its energy reach beyond oil and gas production. “The world is changing, and so is Statoil,” said Chairman Jon Erik Reinhardsen in a statement. “The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development.”
The new name will be proposed to shareholders in a resolution to the Annual General Meeting on May 15. The change is supported by the Norwegian government.
“The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy,” Chief Executive Officer Eldar Saetre said.
Sources and photo-credits: Bloomberg