Merger between Statoil and Hydros petroleum activities takes effect.

Today the merger of Statoil with Norsk Hydros oil- and gas activities took effect through the new corporate entity StatoilHydro ASA. The Chief Executive Officer is Helge Lund. The company has approximately 31 000 employees engaged in activities in close to 40 different countries.

The company’s business areas are Exploration and Production Norway, International Exploration and Production, Natural gas, Refining and marketing, Technology and new energy and Projects.

The new company’s board of directors consists of Eivid Reiten (chair), Marit Arnstad (dept. chair), Kjell Bjørndalen, Roy Franklin, Elisabeth Grieg, Kurt Anker Nielsen, Grace Reksten Skaugen as elected by the corporate assembly, and Lill-Heidi Bakkerud, Morten Svaan, Claus Clausen, Geir Nilsen and Ragnar Fritsvold as employee representatives.

The company stock is listed in Oslo and New York, and the Norwegian State holds a 62,5 per cent stake in the new company. The Ministry of Petroleum and Energy through the State participation Section is responsible for managing the state’s ownership stake in the new company.