Norway to sell more Statoil shares

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%.

Feb. 18, 2005

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).