Statoil: shareholders approve name change to Equinor

(CercleFinance.com) - Statoil's shareholders have approved plans to change the company's name into "Equinor," the Norwegian oil company said on Tuesday.


This means that its rebranding is now effective, with the new name and logo already in use on the group's Web site.

CEO Eldar Saetre admits it will take some getting used to. "But we need to be prepared for the future," he said.

Along with the name change, the group has introduced a plan called "Equinor 2030" to commit to renewable energy, and launch projects that will reduce emissions from oil and gas production.

Nonetheless, a shareholder proposal suggesting that the group should present a strategy for business transformation from producing energy from fossil sources to renewable energy to ensure the company's long-term sustainability, and shareholder value, was rejected at the group's AGM yesterday.

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