No: 48/99
Date: 13.08.99

Evaluation of the state participation in the petroleum activities

The Non-executive Board of Statoil today submitted to the Minister of Petroleum and Energy its views on the future organization and structure of ownership of Statoil and the State's Direct Financial Interest (SDFI).

The main conclusions in the report are that all or a major part of SDFI assets should be transferred to Statoil. Furthermore, the Board recommends that Statoil should be partly privatized and listed on the Stock Exchange. Finally, the report points to the fact that the future organization of the management of the SDFI assets that eventually are not included in the new company, needs to be changed from what it is today.

- The Board points out in its report that the State is facing major future challenges concerning the ownership of Statoil and SDFI. The Board's view is an important contribution in the further process. The Government has an open mind for alternative proposals at this stage of the process, says the Minister of Petroleum and Energy, Anne Enger Lahnstein.

The Minister says that the work being carried out in the Ministry, the recommendations from external advisers and the Statoil report all are essential elements in the process. Norsk Hydro has also been asked to present its views on this matter by 1 September. The Government will continuously evaluate this issue, and has also appointed a committee of State Secretaries, headed by the State Secretary of the Ministry of Petroleum and Energy. The conclusions will be presented to Parliament in a white paper in the spring of 2000.

- It is a major task to take care of and enhance the enormous values of the Norwegian oil and gas resources at large. The state owned assets represent a substantial part of these values. I would strongly argue that we need a wide political consensus on this important issue, says Minister Lahnstein.

Contact: Sissel Edvardsen, +47 22 24 61 09