16 Mar Norway’s Statoil to become Equinor in symbolic shift away from oil
Norway’s state oil company has won approval for a corporate rebrand that will see its name change to Equinor, reflecting its strategy to move away from oil and to a broader energy focus.
The removal of the word ‘oil’, part of Statoil’s name for half a century, indicates an attempt to distance itself from its fossil fuel legacy, with the name Equnior containing the prefix to words such as equal, equality and equilibrium, with ‘nor’ to reflect the group’s Norwegian origin.
“The world is changing, and so is Statoil,” the firm’s chairman Jon Erik Reinhardsen said. “The biggest transition our modern-day energy systems have ever seen is underway, and we aim to be at the forefront of this development.
“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,” he added.
Under the new name, the company expects to invest between 15% and 20% of its total spending in new, low carbon energy solutions by 2030.
Statoil follows fellow Scandinavian energy company Dong Energy in implementing a name change to signal a move away from oil production. The Danish outfit is now called Ørsted.