On May 15, 2018, the annual general meeting (AGM) in Statoil ASA will vote on the proposal to change the company's name, from Statoil ASA to Equinor ASA. As a outcome of the name change, Statoil will change its stock exchange ticker to EQNR with an effect from the start of trading on May 16, 2018.
Statoil announced plans for the name change in March, explaining that Equinor would better reflect its strategy to operate as a broad energy company.
Statoil Removes "Oil" From its Name
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Subject to the AGMs approval of the name change and subsequent implementation, the new ticker EQNR is also excpected to be implemented for the Companys American Deposit Rights (ADRs) traded on the New York Stock Exchange (NYSE).More news: Emissions mystery: Scientists say more of banned chemical going into atmosphere
"A name with "oil" as a component would increasingly be a disadvantage".
On Wednesday morning, Norwegian oil major Statoil will formally remove "oil" from its name.More news: Arteta to meet with Arsenal over manager's job
Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.
"Statoil name change to attract young talent will not be sufficient as long as Equinor is exploring in vulnerable areas, such as the Arctic or the Great Australian Bight", tweeted Truls Gulowsen, leader for Greenpeace in Norway.More news: SC upholds Khaleda's bail in graft case
"We believe it will create internal alignment and pride, and help attract capital, partners and talents", he added.