Statoil Starts IPO of 40% stocks of Fuel & Retail

The placement price of securities will be 32-41 NOK. Thus, as a result of the IPO company plans to attract 3,84 – 4,92 billion kroner ($ 665,6-852,8 million). Applications acceptance for purchase of shares of Statoil Fuel & Retail will begin on October, 8. It will be offered to institutional investors in Norway and abroad, the Norwegian retail customers, and Statoil employees in Norway, Sweden and Denmark. The final offering price will be announced on October, 21 or close to that date, according to a press release. Start of stocks floatation on Oslo Stock Exchange is scheduled for October 22.

Statoil will remain the majority shareholder in Statoil Fuel & Retail in order to maintain and develop the company says in a statement. Statoil separates a retail fuel business in Statoil Fuel & Retail, which includes a network of refueling stations, in order to focus on oil and gas exploration. Operating profit of Statoil Fuel & Retail in 2009 was 1.5 billion kroner.

After the purchase by Statoil oil and gas assets of Norsk Hydro in late 2007 the largest Norwegian oil company StatoilHydro was formed, which in November 1, 2009 changed its name back to Statoil. The Statoil’s primary area of activity includes exploration and production of oil and gas. More than 35 years, the company exploits hydrocarbons on the Norwegian continental shelf and is a pioneer in the implementation of marine projects in harsh climatic conditions. Largest shareholder in Statoil is Norway (67%). Statoil's net profit in I quarter of 2010 increased by 177.5% to $ 11.1 billion Norwegian kroner (1.41 billion Euros) compared with 4 billion Norwegian kroner (510 million Euros), received a year earlier. Its personnel staff is about 20 thousand people who work in 34 countries. The company manages nearly 40 oil and gas deposits with average daily production of about 2 million barrels of oil per day.

Statoil has 2,3 thousand gas stations in eight countries – Russia, Poland, the Baltic and Scandinavia. The company holds leading positions in most markets in which it operates. In addition, a department of the retail fuel business sells lubricants, as well as aircraft and ship fuel.

How A Foreign Drugstore Differs From A Local Pharmacy

- Advertisment -

Must Read