Norwegian oil company Statoil ASA (STL.OS) Thursday confirmed its plans for an initial public offering of its retail unit Statoil Fuel & Retail ASA on the Oslo Stock Exchange.

The offering is expected to price during Oct., subject to market conditions and to relevant approvals from the stock exchange, it added.

Statoil on Sept. 1 filed an application for the listing to the Oslo exchange.

Trond Omdal, analyst at Norwegian investment bank Arctic Securities, said at the time that the market value of Statoil Fuel & Retail could be somewhere between 10 billion and 12 billion Norwegian kroner ($1.69 billion-2.03 billion).

Statoil, which intends to remain a majority shareholder of the road transportation fuel retailer, said the shares on offer will be sold to institutional investors, eligible employees, and in a retail offering to the Norwegian public.

"The size and time horizon of Statoil's future ownership in Statoil Fuel & Retail will be tailored to support and develop company value both for Statoil Fuel & Retail and for the Statoil Group," it said.

At 1328 GMT, Statoil's shares were down 0.5% at NOK122.20, against a 0.6% drop in the wider Oslo market.

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