“This is a historic day for us,” said the new company’s Chief Executive Helge Lund in a released statement. “StatoilHydro will be a Norwegian-based energy group of global stature, with 31,000 employees in 40 countries.”
Major goals for the new company include increased exploration, project development and recovery on the Norwegian Continental Shelf, as well as strengthened upstream and downstream positions and improved technologies to better address climate issues and alternate energy.
The Norwegian government owns 62.5 percent of shares of StatoilHydro, which will be managed by the Ministry of Petroleum and Energy. The other 37.5 percent of the stocks are held by private institutions and individuals.
The new company is now the largest company in Scandinavia, with a stock market value of more than U.S. $100 billion. Statoil and Hydro were the two largest companies on Oslo stock exchange before the merger.
“Statoil and Hydro were able to achieve results competitive with those of the major international oil and gas companies,” said StatoilHydro Chief Financial Officer Eldar Saetre in a released statement. “As a result, we now have a very good starting point for future value creation, which can also bear comparison with the best worldwide.”
In recognition of the company merger and available stocks, Saetre rang the bell to open the Oslo stock market today.
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