Statoil completes Norsk Hydro petroleum merger

01 October 2007 08:14  [Source: ICIS news]

MUMBAI (ICIS news)--Norway's Statoil has completed the merger of its petroleum business with rival Norsk Hydro, to form StatoilHydro, which it hopes will become the world's largest offshore operator, the company announced on Monday.

No financial details were disclosed.

The European Commission (EC) had last week approved the merger of Norwegian energy and aluminium firm Norsk Hydro’s petroleum activities with integrated oil and gas company Statoil.

The shares of StatoilHydro would be traded on the Oslo Stock Exchange under the ticker "STL", the company said.

Hydro continued as a focused aluminium company and would trade under the ticker "NHY," the company said.

By: Isha Jha
+65 6780 4359

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