Norwegian oil company Statoil ASA (STL.OS) said Thursday it has filed an application with the Oslo Stock Exchange for admission of the newly constituted company, Statoil Fuel & Retail ASA.
Norwegian oil company Statoil ASA (STL.OS) said Thursday it has filed an
application with the Oslo Stock Exchange for admission of the newly constituted
company, Statoil Fuel & Retail ASA.
The application is a necessary regulatory step ahead of the planned initial
public offering and subsequent trading of shares for the energy and retail
business, Statoil said.
The IPO is planned for the fourth quarter, if market conditions allow, Statoil
added.
The company declined to provide further details, but said it will retain at
least 50% of the shares in the new company, according to a Statoil spokesman.
Statoil's adjusted earnings in its energy and retail business division were 600
million Norwegian kroner ($97.5 million) in the second quarter of 2010,
compared to NOK400 million in the second quarter of 2009. The company's
earnings statement attributed the year-on-year increase to higher fuel margins.
Statoil's energy and retail business includes more than 2,000 service stations,
and 300 automated truck stops in eight countries. The unit holds number one or
number two market share in most of these markets, with the exception of the
Polish market, where the company still ranks among the top five. The company
also operates stations in
Murmansk
and
St
Petersburg
.
At 0927 GMT shares in Statoil were 0.3% higher, or up NOK0.30, at NOK122 a
share, in line with the broader
Oslo
market.
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