12:30 - 15.03.2018

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March 15, Fineko/abc.az. Norwegian oil and gas company Statoil is changing its name to Equinor.

According to the company, the name change supports the company’s strategy and development as a broad energy company.

"The name Equinor is formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”, signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning," the message says.

“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,” says chair of the board in Statoil, Jon Erik Reinhardsen.

“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,” says Statoil’s President and CEO Eldar Sætre.

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.