Statoil Appoints New Executive Vice President

Effective September 30th Eldar Saetre will serve as acting chief financial officer and executive vice president and member of Statoil's corporate executive committee. He will be responsible for the following staff functions: corporate control, planning and accounting; group finance; investor relations; legal affairs; information management and technology; corporate services and corporate audit.

The human resources function will report to acting chief executive Inge K Hansen. This also applies to the health, safety and the environment function, and the Snohvit project.

Mr, Saetre (47) is a business economist. He joined Statoil in 1980 and has held a number of positions in the group. Mr Saetre became senior vice president for corporate control, planning and accounting in 1998.