Statoil Plans to Change Name
Statoil’s board of directors have proposed to change the name of the company to Equinor to support the firm’s development as a broad energy business.
The proposal has already garnered support from all five unions representing Statoil employees, comprising Industri Energi, SAFE, NITO, Tekna and Lederne, as well as the Norwegian government, which is a majority shareholder in the company. Statoil’s name change will be formally proposed to shareholders on May 15.
“The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development,” Statoil’s chair of the board, Jon Erik Reinhardsen, said in a company statement.
“Our strategy remains firm. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year,” he added.
Statoil President and CEO Eldar Sætre said the new name captures the company’s heritage, values and what it aims to be in the future.
“Equinor is a powerful expression of who we are, where we come from and what we aspire to be. We are a values-based company, and equality describes how we want to approach people and the societies where we operate,” Sætre said in a company statement.
Once formally approved on May 15, Statoil plans to start the roll out of the new name and brand.
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