Energy companies and utilities around the world are looking to not only transition away from reliance on fossil fuels, but are also looking to ensure that the world knows they are doing so.
On 15 May 2018, the annual general meeting (AGM) in Statoil ASA (OSE: STL, NYSE:STO) will vote on the proposal to change the companys name, from Statoil ASA to Equinor ASA.
The new name will also be reflected in the Norwegian company's American Deposit Rights (ADRs), which are traded on the NY bourse, as of May 17, at the earliest.
Long name and symbol for warrants with Statoil as underlying instrument will therefore be changed with an effect from the start of trading on today May 16, 2018.
"A name with "oil" as a component would increasingly be a disadvantage. It served us really well for 50 years, I don't think it will be the best name for the next 50 years", said CEO Eldar Sætre, speaking to Reuters. None of our competitors has that.
The Norwegian energy company ditched the word "oil" from its name to broaden its energy reach beyond oil and gas production.
Renewable energy is a fast-growing industry.
The initial proposal for the name change came in mid-March.
Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.
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