OSLO: Norway’s largest oil company Statoil officially changed its name to Equinor on Wednesday as it forges ahead with its drive into renewable energy.
Proposed in March and adopted on Tuesday at the shareholders’ general meeting, the name change allows the company to take a step back — at least in name — from the Norwegian state, which owns 67 percent of its shares, and from oil.
Equinor is meant to combine the idea of equity and equilibrium (“equi”) and geographical origin (“nor”) for Norway.
Founded in 1972 to operate Norway’s large oil fields, the company — which is listed on both the Oslo and New York stock exchanges — is now active in renewable energies, including wind farms off the UK coast.
The group has earmarked 15-20 percent of its investments to “new energy solutions” by 2030.
But this shift has been cold shouldered by environmentalists concerned about global warming as they accuse the company of “green washing.”
“Statoil name change to attract young talent will not be sufficient as long as #Equinor is exploring in vulnerable areas, such as the Arctic or the Great Australian Bight,” tweeted Truls Gulowsen, leader for Greenpeace in Norway.
‘Call me Equinor’: Norway’s Statoil changes name
‘Call me Equinor’: Norway’s Statoil changes name
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
