StatoilHydro changes name
The major Norwegian oil company StatoilHydro will change its name to Statoil ASA.
The two Norwegian companies Statoil and Hydro were merged in October 2007, and it has always been clear that StatoilHydro was just a temporary name. The company’s board has recommended the general meeting to remove Hydro from the name.
StatoilHydro’s largest owner, the Norwegian state, supports the change of name.
- Statoil is a good name with deeps roots in Norwegian industrial history. The name Statoil is recognized and respected both home in Norway and in the 40 countries around the world where the company is represented. I am happy with the proposed name, says Norwegian Minister for Oil and Energy Terje Riis-Johansen in a press release.
The change of name is expected to cost over 23 million EUR. The most expensive part will be to change the name on all the platforms, Dagbladet reports.
The company’s General Meeting will make a decision on the change of name May 19.
StatoilHydro owns 24 percent of the stocks in Shtokman Development Company, the operator company in the Shtokman project. The rest of the stocks are owned by Gazprom (51%) and Total (25%).
