More and more companies are supporting ecology. Another brand has joined this movement, this time from the fuel industry. Find out which supply giant decided to take such a radical step!

Rebranding to EQUINOR

The Norwegian oil company Statoil has changed the direction of its development. The brand intends to change its current name to Equinor. Why was this particular slogan chosen? Statoil explains that the name Equinor comes partly from the English words equal, equality, and equilibrium, meaning balance and equality, while “nor” indicates the brand's Norwegian origin.

Statoil's Ecological Strategy

Of course, it's not just about the name change. According to the announcement, the Norwegian leader plans to allocate 20 percent of its funds to investments in renewable energy sources. According to the plans, this is to happen in 12 years, as early as by 2030.

Who made the decision?

Support from the Norwegian Government

The decision to change Statoil's name to Equinor was made by the company's board. Of course, it will have to gain shareholder approval during the meeting in mid-May 2018, but current arrangements show that the largest shareholder of Statoil – the Norwegian government, which holds 67 percent of the company's shares – has already expressed interest in the innovative idea. Initially, it even supported the rebranding idea and the new company strategy behind it.

Why does Statoil support ecology?

Undoubtedly, improving the quality of life, including efforts to protect the environment, positively influences how customers perceive a given brand. However, advertising that improves the image does not always play a primary role.

Statoil is changing just as our entire world is changing. Today we are dealing with the largest transformation in history regarding energy sources, and our company intends to be at the forefront of these changes - said Jon Erik Reinhardsen, chairman of Statoil's board.

Statoil CEO Eldar Sætre reminds us that the changes will not negatively affect the quality of the services offered. The Norwegian fuel supplier has been present on the market for 50 years and intends to remain there for another half-century, though in a slightly different role than before.

The company's new name

Decision-makers decided to change the company's name primarily because it is meant to reflect the change that will soon take place. The main strategic goals are focused on ecological activity. Statoil intends to significantly expand the sources from which it wants to produce energy. It will focus on ecological solutions and the reduction of traditional fuels such as crude oil.

How much does the ecological change cost?

According to the announcement, by 2030 the company intends to allocate between 15 and 20 percent of its funds to renewable energy sources. Considering such declarations, the media calculated that Statoil's rebranding to Equinor will most likely cost the company about NOK 250 million. Will it pay off? According to the brand, changes are usually difficult, but they are a natural part of things, making something beautiful.

 

Summary

Changing Statoil's name to Equinor is not just a rebranding – it is a signal of strategic transformation toward renewable energy. The planned 15–20 percent investment by 2030 is a real step that could cost as much as NOK 250 million. The board's decision, supported by the Norwegian government (which holds 67 percent of the shares), is intended to consolidate the company's position at the forefront of energy change. An interesting question is whether this ecological revolution will actually translate into long-term profits or remain mainly an image-building element.