Equinor — Capital/Financing Update 2010

Feb 3, 2010

Statoil opens for a new ownership structure for its energy and retail business

Statoil's board of directors has unanimously decided to evaluate a new ownership

structure for the group's energy and retail business. Stock-exchange listing is

assumed to be the most likely solution and may take place in the fourth quarter

of this year at the earliest.

The decision is prompted by an analysis of the development opportunities for

Statoil's energy and retail business (Energy and Retail - E&R), 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," says Statoil's chief

executive, Helge Lund.

"A new ownership structure will help further strengthen this business, for the

benefit of the customers, as well as the employees," says 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 says.

Should an IPO be the result of this process, Statoil will be a significant owner

at the introduction. The size and time horizon of Statoil's further ownership

will be tailored to the new company's development needs. Statoil will establish

an owner- and capital structure for the new company which makes the value of the

business visible and forms a solid foundation for long term growth and

development.

In the process going forward Statoil will continue to build on the competence

and cooperation culture that have been developed. A formal consultation process

with employee representatives will be carried out before a final board decision

is made. A prospective publicly listed company headquartered in Norway will

represent an investment opportunity within the Norwegian and Nordic retail and

consumer goods sector which is currently not represented on the Oslo Stock

Exchange to any great extent.

E&R operates more than 2 300 stations in eight countries, serving more than one

million customers daily. E&R also supplies lubricants, as well as aviation and

marine fuels. The droplet logo and service stations' visual design represent a

large part of E&R's brand value. This will be retained by E&R. Statoil's energy

and retail business currently operates with a number of brands, but will, under

a brand agreement with Statoil ASA, still have the right to use the Statoil

name.

It would be natural to maintain the existing market-based supply agreements in a

new structure. The Norwegian Mongstad refinery, which is primarily an export

refinery, delivers about one-third of its production to E&R and the Danish

Kalundborg refinery about one-half of its production. The refinery business will

not be affected by a new ownership structure in E&R.

Less than 10% of E&R's some 12 000 employees work in Norway.  Almost 80% of the

E&R employees are employed at Statoil-operated service stations. In Norway about

half of the approximately 1000 employees work at Statoil-operated service

stations, whereas the rest are employed within management and administrative

functions.

Contact

Cathrine Torp, vice president communication, Manufacturing & Marketing, tel:

+47 415 60 264

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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