May 16 (Renewables Now) - The board of directors of Norwegian oil and gas group Statoil (STO:STLO) has given its nod to a plan for the company to adopt the name Equinor ASA.
As previously announced, the Norwegian firm wants a new name to better reflect its strategy to operate as a broad energy company. Equinor will be officially adopted from May 16. Today is also expected to be the first day of trading of the company’s shares under the new ticker “EQNR.”
In its annual general meeting on Tuesday, the company’s managing board turned down a proposal by a shareholder suggesting that a strategy for the company's transition from fossil energy to renewable energy needs to be presented by the board. A per the proposal, such a strategy would “ensure the company's long-term sustainability and shareholder value.”
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.
The Norwegian government holds a majority stake in the group.