Statoil to become Equinor from May 16

Image courtesy Statoil

Statoil announced its plans for the name change in March. This entails that May 15, 2018 is expected to be the last day of trading on Oslo Børs under the ticker "STL".

On May 15, 2018, the annual general meeting (AGM) in Statoil ASA will vote on the proposal to change the company's name, from Statoil ASA to Equinor ASA. "The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined past year", Statoil's board chairman, Jon Erik Reinhardsen, said in a announcement posted to the company's website.

Statoil shares are trading higher Tuesday as the Norwegian energy company prepares to change its 50-year old name.

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The proposal has already garnered support from all five unions representing Statoil employees, comprising Industri Energi, SAFE, NITO, Tekna and Lederne, as well as the Norwegian government, which is a majority shareholder in the company. Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be May 17 2018 at the earliest.

Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.

By dropping the "state" prefix and the "oil" suffix, the 46-year-old company is looking towards a future where its activities become more worldwide, with a larger share of investments spent on natural gas and renewable energy sources.

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