Statoil opens for a new ownership structure for its energy and retail business
(Thomson Reuters ONE) - Statoil's board of directors has unanimously decided to evaluate a new ownershipstructure for the group's energy and retail business. Stock-exchange listing isassumed to be the most likely solution and may take place in the fourth quarterof this year at the earliest.The decision is prompted by an analysis of the development opportunities forStatoil's energy and retail business (Energy and Retail - E&R), which includesservice stations in eight countries, and the supply of lubricants, aviation andmarine fuels."The energy and retail business has developed significantly in recent years, andis today strongly positioned in its markets. In the future, we believe that thisunit's growth and further development will be best achieved as an independentcompany with direct access to the capital markets," says Statoil's chiefexecutive, Helge Lund."A new ownership structure will help further strengthen this business, for thebenefit of the customers, as well as the employees," says Jon Arnt Jacobsen,executive vice president for the Manufacturing & Marketing business area. "Theenergy and retail business has other value creation drivers than Statoil's otheractivities. In addition the businesses are developing in different geographicaldirections. We therefore believe that now is the time for a more independentrole for E&R," Jacobsen says.Should an IPO be the result of this process, Statoil will be a significant ownerat the introduction. The size and time horizon of Statoil's further ownershipwill be tailored to the new company's development needs. Statoil will establishan owner- and capital structure for the new company which makes the value of thebusiness visible and forms a solid foundation for long term growth anddevelopment.In the process going forward Statoil will continue to build on the competenceand cooperation culture that have been developed. A formal consultation processwith employee representatives will be carried out before a final board decisionis made. A prospective publicly listed company headquartered in Norway willrepresent an investment opportunity within the Norwegian and Nordic retail andconsumer goods sector which is currently not represented on the Oslo StockExchange to any great extent.E&R operates more than 2 300 stations in eight countries, serving more than onemillion customers daily. E&R also supplies lubricants, as well as aviation andmarine fuels. The droplet logo and service stations' visual design represent alarge part of E&R's brand value. This will be retained by E&R. Statoil's energyand retail business currently operates with a number of brands, but will, undera brand agreement with Statoil ASA, still have the right to use the Statoilname.It would be natural to maintain the existing market-based supply agreements in anew structure. The Norwegian Mongstad refinery, which is primarily an exportrefinery, delivers about one-third of its production to E&R and the DanishKalundborg refinery about one-half of its production. The refinery business willnot be affected by a new ownership structure in E&R.Less than 10% of E&R's some 12 000 employees work in Norway. Almost 80% of theE&R employees are employed at Statoil-operated service stations. In Norway abouthalf of the approximately 1000 employees work at Statoil-operated servicestations, whereas the rest are employed within management and administrativefunctions.ContactCathrine Torp, vice president communication, Manufacturing & Marketing, tel:+47 415 60 264This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1380061]
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Datum: 03.02.2010 - 02:33 Uhr
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