Mon 20 Sep 2010 07:04

Statoil hires IPO managers - sources


Companies hired to manage the IPO of Statoil's fuel and retail unit.



Norway’s largest oil company, Statoil ASA, is reported to have hired ABG Sundal Collier Holding ASA, Citigroup Inc. and Bank of America Corp. to manage the initial public offering (IPO) of shares in its fuel and retail unit, Bloomberg reports.

Statoil confirmed earlier this month that it plans to sell a stake in Statoil Retail & Fuel ASA during the fourth quarter of this year. The unit also includes Statoil's marine fuels, lubricants and aviation divisions.

“The plan is to list in the fourth quarter, and there are no changes to that,” Chief Executive Officer Helge Lund said at an oil industry conference in Oslo on September 2nd.

“It’s not a rush sale, so we’ll do this if we believe we can get the value that we see as reasonable,” Lund added.

Statoil submitted an application for the IPO to the Oslo stock exchange at the beginning of this month. The exchange will process the oil firm's application at its board meeting on September 29th. If approved, Statoil would have 45 days to carry out the listing, according to the rules of the exchange.

The company's plan to push ahead with the sale of its fuel and retail assets comes at a time when the industry trend has been to focus on more lucrative upsteam operations.

Statoil is looking to join a list of other companies to have sold large chunks of their fuel and retail operations in order to focus on finding and producing gas and oil, including oil majors Shell, BP and ExxonMobil.

According to market sources the Statoil sale could raise as much as US$1 billion.

Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.

Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.

Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.

Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.

A Maersk vessel, pictured from above. Rise in bunker costs hurts Maersk profit  

Shipper blames reroutings via Cape of Good Hope and fuel price increase.

Claus Bulch Klausen, CEO of Dan-Bunkering. Dan-Bunkering posts profit rise in 2023-24  

EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.

Chart showing percentage of fuel samples by ISO 8217 version, according to VPS. ISO 8217:2024 'a major step forward' | Steve Bee, VPS  

Revision of international marine fuel standard has addressed a number of the requirements associated with newer fuels, says Group Commercial Director.

Carsten Ladekjær, CEO of Glander International Bunkering. EBT down 45.8% for Glander International Bunkering  

CFO lauds 'resilience' as firm highlights decarbonization achievements over past year.

Anders Grønborg, CEO of KPI OceanConnect. KPI OceanConnect posts 59% drop in pre-tax profit  

Diminished earnings and revenue as sales volume rises by 1m tonnes.

Verde Marine Homepage Delta Energy's ARA team shifts to newly launched Verde Marine  

Physical supplier offering delivery of marine gasoil in the ARA region.


↑  Back to Top


 Related Links