Statoil to Change Its Name

Statoil’s board said March 15 it has proposed changing the company's name to Equinor. The change however requires formal approval by shareholders on May 15.

Statoil chair Jon Erik Reinhardsen said that the company aims to be at the forefront of energy transition into low carbon fuels and claimed “the name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year.”  Statoil contains the word 'oil' whereas Equinor does not. Statoil also references the Norwegian petroleum and energy ministry's 67% ownership in the company, but there was no reference in its March 15 statement to that being diluted.

CEO Eldar Saethe said the name Statoil had served well for almost 50 years but added: “We are developing as a broad energy company.” It added that the five main labour unions at the company support the name change.

Statoil is one of the world’s most carbon-efficient producers of oil and gas, and will develop its low carbon advantage further. It is building a material industrial position within profitable renewable energy and expects to invest 15-20% of total capex in new energy solutions by 2030. The proposed new company logo is shown below.