StatoilHydro ASA, which owns substantial reserves both on- and offshore in the United States, is getting a new name — Statoil — following approval by officials. The proposal to change the name of the national oil company, which is 67% owned by Norway, was suggested by the board of directors. Also approved was a proposal to widen the producer’s objectives to include other energy besides oil and natural gas to reflect its investments in renewable energy. The amendments are expected to be implemented by the end of the year. Norway’s Statoil ASA and Norsk Hydro ASA proposed a merger in late 2006 (see Daily GPI, Dec. 19, 2006).

©Copyright 2009Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.