Norway's Statoil to rebrand as Equinor
The Norwegian oil and gas firm, Statoil, has announced it will be changing its name to Equinor, which will come into effect on 15 May.
The state-backed company has made the decision to support its strategy of steering away from oil and becoming a broader energy firm.
Statoil aims for a low-carbon future, enhancing its current position as one of the most carbon-efficient oil and gas producers in the world.
The firm wants to develop its position on Norway’s continental shelf, whilst growing internationally.
“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,” stated Jon Erik Reinhardsen, Chair of Statoil’s board.
“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.”
“For us, this is a historic day. Statoil has for almost 50 years served us well,” commented President and CEO of Statoil, Eldar Sætre.
“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.”
The name was suggested by the firm’s Board of Directors, with “equi” deriving from equal and quality, and “nor” symbolling the company’s country.
“Reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name.”