Norwegian energy giant Statoil has decided to change its name to Equinor as part of its strategy and development as a broad energy company.
“The world is changing, and so is Statoil,” said Jon Erik Reinhardsen, chairman of Statoil’s board, adding that “the name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.”
Statoil’s president and CEO Eldar Sætre added that the name Statoil has served the company for almost 50 years, noting that the change has become natural as the company looks forward to the next 50 years.
The new name will be proposed to shareholders in a resolution to the Annual General Meeting on 15 May. The Norwegian government, as majority shareholder, supports the proposal and will vote in favor of the resolution, Statoil said in a statement.
“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,” says Sætre.
According to its strategy presented last year, Statoil aims to develop long-term value on the Norwegian continental shelf, deepen in core areas and develop new growth options internationally.