The Norwegian state oil company will remove the oil from the title

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Photo: Nerijus Adomaitis / Reuters

The Norwegian state oil company Statoil will change its name to Equinor, according to Bloomberg.

The company will clean the floor petroleum (oil) to pay tribute to modern values. Statoil intends to increase energy production from renewable sources, which should also be reflected in the new brand.

The first part of the new name — the root of the English word “equality” and “balance” (equality, equilibrium). The second part reflects the belonging of the company to Norway.

The company in its strategy indicates that going 15-20% of the investments earmarked for the development of renewable energy sources. To achieve this goal it is planned by 2030.

The new name of the company’s management will propose to the meeting of shareholders to be held may 15. The main shareholder, the government of Norway, supports this idea.

A month ago, the Pension Fund of Norway has stated that it intends to refrain from investing in securities of companies associated with oil and gas production. The Fund explained it by a desire to reduce the state dependence on hydrocarbons.

Norway — the largest in Western Europe oil and gas. Crude oil and gas account for more than half of the country’s exports.

Video, photo All from Russia.

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