Statoil changes its name to Equinor to transform its global energy business

A few days ago, Norway-based oil group Statoil announced its intention to change its name to Equinor
.
The company said the new name is intended to reflect its transition to a global energy business as it develops into a broader energy company
.

Statoil changes its name to Equinor to transform its global energy business

"The name Equinor embodies our traditions and values, as well as our
goals for the future.
" Eldar Sætre, President and CEO of Statoil, said
.
This new name is a combination
of the words "equi" and "nor".
The starting point of "equi" is based on the words equality and balance, and "nor" reflects the Norwegian roots of the company
.

Now, the new name is awaiting approval
at the annual general meeting on May 15.

In a new strategy presented in 2017, Statoil announced a plan to invest 15-20% of total capital expenditure in new energy solutions
by 2030.
Last October, the company also revealed plans to enter the solar business in May 2018, launching a $197 million renewable energy fund
.

At the end of October 2017, Statoil acquired a 40% stake
in a 162 MW project in Brazil from Norwegian solar developer Scatec Solar.
In addition, Scatec Solar said it will establish a 50/50 joint venture with Statoil in Brazil and expects to build and operate large-scale photovoltaic projects
in Brazil next year.

Statoil is also actively involved in onshore and offshore wind and is developing carbon capture and storage solutions
.

Another energy giant, French conglomerate Engie (formerly GDF Suez), also changed its name to reflect the shift
to decarbonisation and renewable energy in April 2015.

Since then, Engie has entered the solar industry through multiple M&A transactions and has built several large-scale solar and renewable energy projects
in many of the countries in which it operates.

，