Oslo: Norway’s largest oil company Statoil officially changed its name to Equinor on Wednesday as it forges ahead with its drive into renewable energy.
Proposed in March and adopted on Tuesday at the shareholders’ general meeting, the name change allows the company to take a step back — at least in name — from the Norwegian state, which owns 67 per cent of its shares, and from oil. Equinor is meant to combine the idea of equity and equilibrium (“equi”) and geographical origin (“nor”) for Norway. Founded in 1972 to operate Norway’s large oilfields, the company — which is listed on both the Oslo and New York stock exchanges — is now active in renewable energies, including wind farms off the UK coast.
