Norway’s oil company, Statoil has proposed to change its name to Equinor, saying it would better reflect the business values it hopes to pursue in the next 50 years.
It said the name Equinor was formed by combining “equi”, the starting point for words like equal, equality and equilibrium, and “nor”, signaling a company proud of its Norwegian origin, and who wants to use this actively in its positioning.
According to it, the new name expected to be accepted and adopted by its shareholders at its annual general meeting in May represented its positioning to continue growing internationally within both oil, gas and renewable energy.
“We propose to change the name of our company from Statoil to Equinor. Ever since 1972 we have embraced change, always searching for better. Now it’s time to change one more thing: our name. We’re not changing our strategy. Instead, we want our name to better reflect who we are.
“So, why Equinor? “Equi” is the starting point for words like equal, equality and equilibrium. It describes how we see people, what we stand for, how we view the future of energy. “Nor” reflects a company proud of its origins and heritage,” said the company in a statement.
It quoted the chair of its board, Jon Erik Reinhardsen to have said: “The world is changing, and so is Statoil. 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.”
Also Statoil’s President and CEO Eldar Sætre, explained that: “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.”
While the new name will be proposed to shareholders at the AGM, the Norwegian government, as majority shareholder, have thrown its weight behind the proposal and will vote in its favour.
“Equinor is a powerful expression of who we are, where we come from and what we aspire to be. We are a values-based company, and equality describes how we want to approach people and the societies where we operate.
“The Norwegian continental shelf will remain the backbone of our company, and we will use our Norwegian heritage in our positioning as we continue growing internationally within both oil, gas and renewable energy,” added Sætre.