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Equinor

The meaning of «equinor»

Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian state-owned multinational energy company headquartered in Stavanger. It is primarily a petroleum company, operating in 36 countries with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world.[3] The company has about 20,200 employees.[2]

The current company was formed by the 2007 merger of Statoil with the oil and gas division of Norsk Hydro.[4] As of 2017, the Government of Norway is the largest shareholder with 67% of the shares, while the rest is public stock. The ownership interest is managed by the Norwegian Ministry of Petroleum and Energy.[5] The company is headquartered and led from Stavanger, while most of their international operations are currently led from Fornebu, outside Oslo.

The name Equinor was adopted in 2018 and is formed by combining "equi", the root for words such as equal, equality and equilibrium, and "nor", indicating that the company is of Norwegian origin.[6] The Norwegian meaning of the former name Statoil is State-Oil, indicating that the oil company is state owned.[7]

The heritage of Equinor derives from three major Norwegian petroleum companies Statoil, Norsk Hydro, and Saga Petroleum (the latter two merged in 1999).

Den Norske Stats Oljeselskap A/S was founded as a limited company owned by the Government of Norway on 14 July 1972 by a unanimous act passed by the Norwegian parliament Stortinget. The political motivation was Norwegian participation in the oil industry on the continental shelf and to build up Norwegian competency within the petroleum industry to establish the foundations of a domestic petroleum industry. Statoil was required to discuss important issues with the Minister of Industry, later Minister of Petroleum and Energy. Statoil was also required to submit an annual report to the parliament.

In 1973, the company started work acquiring a presence in the petrochemical industry. This resulted in the development of processing plants in Rafnes and, in partnership with Norsk Hydro, the Mongstad plant in 1980. In 1981, the company acquired, as the first Norwegian company, operator rights on the Norwegian continental shelf on the Gullfaks field. 1987-88 saw the largest scandal in the company's history, the Mongstad scandal that made the until then unassailable CEO Arve Johnsen withdraw.

In the 1980s, Statoil decided to become a fully integrated petroleum company and started building the Statoil fuel station brand. The stations in Norway originated as Norol stations, while the stations in Denmark and Sweden were purchased from Esso in 1985, and the stations in Ireland were purchased from British Petroleum in 1992 and ConocoPhillips Jet in the mid '90s, then sold by Statoil to Topaz Energy in 2006. Statoil also built up a network of stations in part of Eastern Europe in the 1990s.

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