Norwegian Oil Company will remove oil from its name

The Norwegian Statoil company will change its name to Equinor, reports Bloomberg.

The company will remove the word "oil" to pay tribute to modern values. Statoil intends to increase the generation of energy from renewable sources, which should also be reflected in the new trademark.

The first part of the new name is the root of the English words "equality" and "equilibrium"). The second part reflects the company's ownership of Norway.

The company in its strategy indicates that it is going to allocate 15-20 percent of investments for the development of renewable energy sources. Achieving this goal is planned by 2030.

The new name of the company, management will be submitted to the shareholders meeting, which will be held on May 15. The main shareholder, the Norwegian government, supports this idea.

A month ago, the Pension Fund of Norway announced that it intends to abandon investments in securities of companies involved in oil and gas production. The fund explained this by a desire to reduce the state's dependence on hydrocarbons.

Norway is the largest oil and gas producer in Western Europe. Crude oil and gas account for more than half of the country's exports.
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