Norwegian oil firm Statoil has proposed changing its name to Equinor in order to reflect its efforts to become a broad energy company.
The firm’s board of directors says that the name change is a “natural” move for the company, which last year outlined a strategy to build the low-carbon sector of its business alongside its core oil and natural gas businesses.
“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,” said Statoil’s chair of the board, Jon Erik Reinhardsen. “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 name Equinor is formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”, signalling Statoil’s Norwegian heritage. The Norwegian government, Statoil’s majority shareholder, supports the proposal, Statoil said.
“Equinor is a powerful expression of who we are, where we come from and what we aspire to be,” said Statoil President and CEO Eldar Sætre. “The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy.”
Statoil said that it would present the new name proposal to shareholders in mid-May, and if approved, begin rolling-out the new name and brand.