Equinor: Statoil to change name in recognition of energy transition
Norwegian energy giant Statoil is proposing a name change to stakeholders, in recognition of the company's diverse energy strategy that aims to increase investments into renewables and new energy solutions.
Statoil will present its new name, Equinor, to shareholders in a resolution to a Annual General Meeting on 15 May. Equinor combines the themes of equality and the company’s Norwegian heritage.
“For us, this is a historic day,” Statoil’s president Eldar Sætre said. “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.”
The Norwegian government is a majority shareholder at Statoil and will express support and vote in favour of the name change.
Statoil’s “broad energy” approach will see it build up a renewable energy portfolio that accounts for 15-20% of total capex on new energy solutions by 2030.
Statoil is also involved in the Technology Centre Mongstad (TCM), one of the world’s largest carbon capture and storage (CCS) facilities with an annual capacity of 100,000 tonnes of carbon. The facility will continue to test new technologies and will assist Statoil’s feasibility studies for CCS at three locations on the Norwegian Continental Shelf.
The company has also voiced its concerns over the amount of state aid subsidies that are sent to highly-polluting fossil fuel plants across the European Union (EU).
“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,” the company’s chair of the board Jon Erik Reinhardsen added.
Last year, Danish energy firm DONG Energy acknowledged the ongoing decarbonisation shift in the energy sector by calling on shareholders to approve a change of company name to Ørsted.