The company said, "The name Equinor is formed by combining equi, the starting point for words like equal, equality and equilibrium, and nor, signaling a company proud of its Norwegian origin."
“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. The name Equinor reflects ongoing changes and supports the always safe, high value and low carbon strategy we outlined last year,” stated chairman of the board of Statoil, Jon Erik Reinhardsen.
“The name Equinor captures our heritage and values, and what we aim to be in the future,” added Statoil’s President and CEO, Eldar Sætre.
The new name will be proposed to shareholders in a resolution to the Annual General Meeting on May 15th.. The Norwegian government, as majority shareholder, supports the proposal and will vote in favor of the resolution.
The company claims to be one of the world’s most carbon-efficient producers of oil and gas, and says it will develop its low carbon advantage further. Statoil stated it expects to invest 15-20 percent of total capex in new energy solutions by 2030.
“We have strengthened our competitiveness, radically improved our project portfolio and have a clear strategy for further development of our company. As we position ourselves for long term value creation and to be competitive also in a low carbon future, we have been searching for a name that captures our heritage and values, and at the same time reflects the opportunities we see. I am confident that the name Equinor will support our strategy and vision to shape the future of energy,” concluded Sætre.
