The Norwegian Ministry of Petroleum and Energy Prepares Increase in StatoilHydro ASA Ownership Stake

The Norwegian State currently holds 62,5 per cent of the shares in StatoilHydro. The Parliament has authorised the Ministry of Petroleum and Energy to increase this to a 67 per cent ownership stake. The share purchase will be financed through the cash flow going into the State Pension Fund – Global.

The Ministry will over the next few weeks meet with a number of Norwegian and international financial institutions to further prepare for the purchase.
“We have for some time now been preparing to purchase shares in the market, but we are in no hurry”, says Norwegian Minister of Petroleum and Energy Åslaug Haga.
“StatoilHydro is by far Norway’s largest and most important company. The Government is of the opinion that the State should have a considerable ownership stake in the company, and we are committed to ensuring that the Parliaments conditions for accepting the merger between Statoil and Hydros petroleum activities are acted upon. We will conduct a thorough and well planned process, and we aim to engage the best advisors and financial experts possible to assist us in this process”, the minister adds. 

The Ministry of Petroleum and Energy has established a team of advisors that will contribute to choosing the appropriate transaction methods and selecting the right financial institutions for carrying out this transaction. Arctic Securities ASA has been appointed as financial advisor to the State and the law firm Selmer DA as its legal advisor.