On Tuesday May 15, Statoil's annual general meeting (AGM) will hold a vote on the proposal to change the company's name.
"The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined previous year", Statoil's board chairman, Jon Erik Reinhardsen, said in a announcement posted to the company's website. The company said Monday it expects the name change to take effect Wednesday, and the ticker symbol STL will leave the Oslo exchange at the end of the trading day May 15.
As of May 16, 2018 (inclusive), the Company's shares are to be traded on the Oslo Børs under the new ticker "EQNR". As a outcome of the name change, Statoil will change its stock exchange ticker to EQNR with an effect from the start of trading on May 16, 2018.
However, Equinor - which has the Norwegian government as its majority shareholder - will remain at core a fossil-led business.
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Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.
"A name with "oil" as a component would increasingly be a disadvantage", said Eldar Saetre, Statoil's chief executive, told Reuters.
Statoil is one of the leading producers of oil and gas in the world, drawing on reserves from the North Sea to the USA waters of the Gulf of Mexico.
Equinor has emerged over the last few years as a significant player in the global offshore wind sector, developing fixed-bottom projects off the United Kingdom and pioneering the Hywind floating turbine technology.