Norwegian energy giant Statoil will change its name to Equinor.
It means the word “oil” will no longer form part of the company name.
Statoil said the move was in line with its focus on establishing itself as a “broad” energy company.
The company said: “Equinor is formed by combining ‘equi’, the starting point for words like equal, equality and equilibrium, and ‘nor’, signalling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.”
Statoil chief executive Eldar Sætre said: “For us, this is a historic day. Statoil has for almost 50 years served us well.
“Looking towards the next 50 years, reflecting on the global energy transition and how we are developing as a broad energy company, it has become natural to change our name.
“The name Equinor captures our heritage and values, and what we aim to be in the future.”
Chairman Jon Erik Reinhardsen said: “The world is changing, and so is Statoil. The biggest transition our modern-day energy systems have ever seen is under way, 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.”
The new name will be proposed to shareholders in a resolution at the firm’s annual general meeting on May 15.
The Norwegian government, as majority shareholder, supports the proposal.
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