Shareholders in Norway’s largest company, Statoil, will approve today the board’s proposal to drop “oil” from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels’ impact on climate change.
From Wednesday, 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. Read More