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Statoil ASA has announced that its board has approved selling a stake of its gas station and transport fuel business in an initial public offering at the end of this year. The sale is also set to include the Norwegian company's marine fuels division.

Statoil said the public offering would take place in the fourth quarter at the earliest and that it intends to remain a majority owner.

News that the oil and gas giant was evaluating a new ownership structure was revealed last month following a unanimous decision by Statoil's board of directors.

Statoil said the decision was prompted by an analysis of the development opportunities for Statoil's energy and retail (E&R) business, which includes service stations in eight countries, and the supply of lubricants, aviation and marine fuels.

"The energy and retail business has developed significantly in recent years, and is today strongly positioned in its markets. In the future, we believe that this unit's growth and further development will be best achieved as an independent company with direct access to the capital markets," said Statoil's chief executive, Helge Lund last month.

"A new ownership structure will help further strengthen this business, for the benefit of the customers, as well as the employees," said Jon Arnt Jacobsen, executive vice president for the Manufacturing & Marketing business area.

"The energy and retail business has other value creation drivers than Statoil's other activities. In addition the businesses are developing in different geographical directions. We therefore believe that now is the time for a more independent role for E&R," Jacobsen added.