Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Statoil to adopt new name ‘Equinor’ from Wednesday

    Statoil to adopt new name ‘Equinor’ from Wednesday

    May 15, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    OpeOluwani Akintayo

    15 May 2018, Sweetcrude, Lagos – In a move towards diversification, shareholders in Statoil, will approve on Tuesday, the board’s proposal to drop “oil” from its name, and adopt new name ‘Equinor’ starting from Wednesday.

    According to a report by Reuters, aside from diversification, the company seeks to attract young talent concerned about fossil fuels’ impact on climate change.

    From tomorrow, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.

    The Norwegian government, which has a 67 percent stake in the firm, has said it will back the move.

    The oil and gas company said the name change was a natural step after it decided last year to become a “broad energy” firm, investing up to 15-20 percent of annual capital expenditure in “new energy solutions” by 2030, mostly in offshore wind.

    “The key reason for a company to change its name is when it wants to widen the scope of its activity or direction. Another reason would be because it is in trouble, and it has a reputational problem,” Allyson Stewart-Allen, a London-based international branding expert and the CEO of International Marketing Partners, told Reuters.

    “I don’t believe that’s the case with Statoil.”

    While the company’s profits are growing again, its hydrocarbon business has come under increased scrutiny after the Paris climate deal in 2016.

    “A name with ‘oil’ as a component would increasingly be a disadvantage. None of our competitors has that. It served us really well for 50 years, I don’t think it will be the best name for the next 50 years,” Eldar Saetre, Statoil’s chief executive, told Reuters.

    The new name was meant to arouse curiosity among young people so they see the other aspects of Statoil, including renewable energy, he added.

    Technology students became less interested in working for oil firms after oil prices crashed in 2014 and renewable energy gained in prominence.

    Statoil ranked 15th in an annual survey of the Nordic country’s most attractive employers conducted by karrierestart.no, a Norwegian careers website, and Norwegian firm Evidente, published on May 3. In 2013, it ranked first.

     

    Related News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    E-book
    Resilience Exhibition

    Latest News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.