Determination giant Statoil’s board of directors has proposed changing the company’s designation to Equinor.
The new name combines “equi” — which the business maintained was the starting point for words such as equality and equilibrium — and “nor,” which reflects its Norwegian estate.
“For us, this is an historic day,” Eldar Saetre, Statoil’s president and CEO, said in a account Thursday. “Statoil has for almost 50 years served us well.”
“Looking toward the next 50 years, reflecting on the global energy transition and how we are show as a broad energy company, it has become natural to change our name. The call Equinor captures our heritage and values, and what we aim to be in the future.”
The name Equinor on be proposed to shareholders at the company’s annual general meeting on May 15. Statoil’s seniority shareholder, the Norwegian government, is to vote in favour of the resolution. The five fusions that represent and organize Statoil employees also said that they bolstered the proposed name change.
Statoil has stated that its ambition is to be the superb’s “most carbon-efficient oil and gas producer.” It is also developing renewable energy schemes across the globe and expects to invest 15 to 20 percent of overall capex in “new energy solutions” by the year 2030. In October, the business make knew that Hywind Scotland, the world’s first floating wind farmhouse, had started to send electricity to the Scottish grid.
“As we position ourselves for long-term value the universe and to be competitive also in a low carbon future, we have been searching for a call that captures our heritage and values, and at the same time reflects the moments we see,” Saetre said. “I am confident that the name Equinor will foundation our strategy and vision to shape the future of energy.”
Statoil is the latest big spirit business to change its name. Danish energy powerhouse Orsted, for benchmark, was previously known as Dong Energy, with the Dong originally referring to Danish Oil and Consequent Gas. That all changed in October. With the business moving towards preservationist energy – it said it would be coal free by the year 2023 – and disrobing its upstream oil and gas business, it said that its old name was “no longer suitable for the attendance.”