Company News
Statoil Reveals Plans To Change Name Following Environmental Strategy Shift
Wednesday 21st March 2018
Ravid
Norwegian oil and gas giant Statoil has announced its plans to change its name to Equinor to reflect its shift to adopt more of a low-carbon energy strategy.
The proposal was announced last week and will be suggested to shareholders at the Annual General Meeting on May 15th. It already has the support of the government, which approves of the formation of the name and what it stands for.
Indeed, Equinor was chosen due to 'equi' signifying 'equality' and 'equilibrium' and 'nor' to symbolise the firm's Norwegian heritage.
Chair of the board in Statoil Jon Erick Reinhardsen said the decision to alter the branding mirrors the way "the world is changing".
He stated: "The name Equinor reflects on-going changes and supports the always safe, high-value and low-carbon strategy we outlined last year."
Eldar Saetre, president and chief executive officer of the company, added that Equinor shows how the firm is "developing as a broad energy company" and will help Statoil remain relevant in the oil and gas sector for the next 50 years.
While Statoil is already regarded as a carbon-efficient producer of oil and gas, it will continue to develop its strategy further by enhancing its position in the renewable energy sector.
It states that it anticipates it will invest between 15 and 20 per cent of total capex in new energy solutions over the next 12 years.
Earlier this month, Statoil announced an agreement to invest in two offshore wind developments in Poland, demonstrating its commitment to move into green energy production.
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