May 14 (Renewables Now) - Norwegian oil and gas group Statoil (STO:STLO) expects to adopt the name Equinor ASA on May 16.
Statoil announced plans for the name change in March, explaining that Equinor would better reflect its strategy to operate as a broad energy company. The proposal will be voted on at an annual general meeting on May 15.
If approved, the name change will take effect from May 16, which is also expected to be the first day of trading of the company’s shares under the new ticker “EQNR.” Trading of its stock on the Oslo stock exchange will continue under the ticker “STL” by May 15.
The new name and ticker are also pending formal registration in the Norwegian register of business enterprises (Foretaksregisteret). The Norwegian government, which holds a majority stake in the group, has pledged to support the change.
The new name will also be reflected in the Norwegian company’s American Deposit Rights (ADRs), which are traded on the New York bourse, as of May 17, at the earliest.
Statoil's involvement in renewable energy currently includes mainly offshore wind and it says it is a world leader in carbon capture and storage (CCS). Its main business is oil and gas exploration and production.