Statoil ASA (OTCMKTS:STOHF) announced on Thursday (March 15), that it plans to change its name to Equinor.

As quoted in the press release:

The board of directors of Statoil proposes to change the name of the company to Equinor. 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 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.

Statoil’s strategy presented in 2017, sets clear principles for the development of a distinct and competitive portfolio. Statoil will develop long-term value on the Norwegian continental shelf, deepen in core areas and develop new growth options internationally. Statoil is one of the world’s most carbon-efficient producers of oil and gas, and will develop its low carbon advantage further. Statoil 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.

Eldar Sætre, president & CEO, commented:

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.

Click here to read the full Statoil ASA (OTCMKTS:STOHF) press release.

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