Statoil's board of directors has unanimously decided to evaluate a new ownership structure for the group's energy and retail business, including the company's petrol and service stations.

Stock-exchange listing is assumed to be the most likely solution and may take place in the fourth quarter of this year at the earliest, the group states in a press release.

The decision is prompted by an analysis of the development opportunities for Statoil's energy and retail business (Energy and Retail - E&R), which includes service stations in eight countries, and the supply of lubricants, aviation and marine fuels.

"The energy and retail business has developed significantly in recent years, and is today strongly positioned in its markets. In the future, we believe that this unit's growth and further development will be best achieved as an independent company with direct access to the capital markets," says Statoil's chief executive, Helge Lund.

"A new ownership structure will help further strengthen this business, for the benefit of the customers, as well as the employees," says Jon Arnt Jacobsen, executive vice president for the Manufacturing & Marketing business area.

"The energy and retail business has other value creation drivers than Statoil's other activities. In addition the businesses are developing in different geographical directions. We therefore believe that now is the time for a more independent role for E&R," Jacobsen says.

E&R operates more than 2 300 stations in eight countries, serving more than one million customers daily. E&R also supplies lubricants, as well as aviation and marine fuels. The droplet logo and service stations' visual design represent a large part of E&R's brand value.

(NRK/Press release)

Rolleiv Solholm