As part of its diversification plan, Norwegian oil major Statoil has decided to change its name to Equinor after almost 50 years.
The rebranding move comes in line with Statoil’s ever greater involvement in the renewables market as part of the global effort to reduce carbon footprint.
“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. The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy,” Statoil’s President and CEO Eldar Sætre said.
The new name will be proposed to shareholders in a resolution to the Annual General Meeting on 15 May. The Norwegian government, as majority shareholder, supports the proposal and will vote in favour of the resolution. In addition, all the five unions organizing Statoil employees – Industri Energi, SAFE, NITO, Tekna and Lederne – support the proposal.