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Norway’s oil major Statoil is removing ‘oil’ from its name and is proposing to rebrand as Equinor as part of its strategy to become a broad energy company actively pursuing low-carbon energy production alongside oil and gas.
The new name—Equinor—is a combination of “equi”, the first letters of words such as equal, equality, and equilibrium, and “nor”, a hint to its Norwegian origin that the company will actively use in its positioning, Statoil said on Thursday.
“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. 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,” chair of the board in Statoil, Jon Erik Reinhardsen, said in the company statement.
“For us, this is a historic day. Statoil has for almost 50 years served us well. Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name. The name Equinor captures our heritage and values, and what we aim to be in the future,” Statoil’s President and CEO Eldar Sætre said.
“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,” Sætre added.
Statoil’s shareholders will be asked to approve the new name at the annual general meeting on May 15. The Norwegian government, Statoil’s majority shareholder, supports the name change and will vote in favor, the company said, adding that all five unions of Statoil employees also support the rebranding.
Statoil is boosting its position in renewables and expects to invest 15-20 percent of total capex in new energy solutions by 2030, the company said today.
Most recently, Statoil entered offshore wind in Poland. The company’s current offshore wind portfolio also includes the Arkona offshore wind farm in Germany and the Sheringham Shoal, Dudgeon, and Hywind Scotland offshore wind farms in the UK. Statoil’s offshore wind portfolio has the capacity to provide more than 1 million European homes with renewable energy.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.