Statoil ASA will change its name to Equinor as it seeks to broaden its reach beyond the oil and gas industry.
Equinor “reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year,” said Chairman Jon Erik Reinhardsen in a statement.
The new name will be proposed to shareholders in a resolution to the Annual General Meeting on May 15. The change is supported by the Norwegian government, which owns about 67 percent of the company.
“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,” Chief Executive Officer Eldar Saetre said.
Statoil said its strategy presented in 2017 set clear principles for the development of a distinct and competitive portfolio, which includes about 15 percent to 20 percent of its investments to be in “new energy solutions” by 2030.