Statoil to Sell Fuel & Retail Business to Focus on Upstream Activities

Norway's Statoil announced Wednesday that it has decided to accept a cash offer of some $1.5 billion (NOK 8.6 billion) from Canadian firm Alimentation Couche-Tard for its 54-percent stake in Statoil Fuel & Retail business.

As a result, Statoil Fuel & Retail (whose stock is currently listed on the Oslo Stock Exchange) will no longer be consolidated in Statoil's accounts.

Statoil Chief Financial Officer Torgrim Reitan said in a press statement that the sale would allow Statoil Fuel & Retail to pursue its strategy under new and long-term industrial ownership.

"For Statoil, it frees up capital, streamlines our portfolio and enables us to further strengthen our focus as a technology-focused upstream energy company, in line with our strategy," he added.

Statoil established Statoil Fuel & Retail as a separate entity listed on the Oslo Stock Exchange in 2010 because of its "different drivers for value creation compared to Statoil's core business."

In February this year Statoil said that it planned to mature its large portfolio of exploration assets and expects to spend approximately $3 billion completing around 40 wells in 2012.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Resource Planning Analyst II Job
Expertise: Business Analyst|HR - General|PR / Corporate Communications
Location: Amarillo, TX
 
Counsel / Senior Counsel
Expertise: Legal
Location: Houston, TX
 
Land Analyst - MCBU Houston
Expertise: Landman
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $49.7/BBL 1.76%
Light Crude Oil : $47.12/BBL 1.55%
Natural Gas : $3.07/MMBtu 0.58%
Updated in last 24 hours