By OGJ editors
HOUSTON, Feb. 18 -- Norway's Ministry of Petroleum and Energy plans to offer 17.5 million shares of Statoil ASA to private investors in Norway and Europe during July, reducing the Norwegian government's stake to 71% from 76%.
The government earlier offered 100 million shares to institutional investors in Norway and abroad. Private investors will be able to buy Statoil shares for the same price, $16.67/share, government officials said Feb. 18.
Minister of Petroleum and Energy Thorhild Widvey said, "The current market environment allows us to further reduce the government's holding in Statoil . . . . Increasing liquidity is important to ensure that Statoil can be fairly valued in line with its international peers."
Norway began Statoil's partial privatization nearly 4 years ago under a mandate from Parliament (OGJ Online, Apr. 26, 2001).