Statoil may disappear by Wednesday after vote on renaming

Statoil shares rise amid name change shareholder vote

The Company will announce the result of the voting after the AGM on 15 May 2018 and expects to announce the implementation of the name change before 09:00 (CEST) on 16 May 2018.

On Wednesday morning, Norwegian oil major Statoil will formally remove "oil" from its name.

Statoil ASA has changed its company name to Equinor ASA, reflecting the company's strategic aim to balance its portfolio to reflect the growing importance of renewable energy.

"The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined previous year", Statoil's board chairman, Jon Erik Reinhardsen, said in a announcement posted to the company's website.

"Our strategy remains firm".

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However, Equinor - which has the Norwegian government as its majority shareholder - will remain at core a fossil-led business.

"A name with "oil" as a component would increasingly be a disadvantage. It served us really well for 50 years, I don't think it will be the best name for the next 50 years".

"Statoil name change to attract young talent will not be sufficient as long as Equinor is exploring in vulnerable areas, such as the Arctic or the Great Australian Bight", tweeted Truls Gulowsen, leader for Greenpeace in Norway.

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