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    Eldar Sætre is new President and CEO of Statoil

    Company News // February 6, 2015

    Statoil’s board of directors has appointed Eldar Sætre as the company's President and CEO.

    Mr Sætre has been acting President and CEO since October, and assumes the role with immediate effect. He has 35 years of experience from Statoil and the oil and gas industry.

    "Eldar Sætre was our first choice. The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these. I am extra pleased that we were able to recruit the next CEO from within Statoil," says Statoil board chair Svein Rennemo.

    Mr Sætre has extensive operational and financial experience from Statoil. He has been a member of the corporate executive committee since 2003. He started as chief financial officer, and later became executive vice president for the Marketing, Processing and Renewable Energy (MPR) business area.

    "Statoil is well positioned for the future. We have a solid financial platform, and a highly competent organisation. Our industry is currently experiencing large uncertainty. Statoil started the work to improve our competitiveness early. We have our work cut out for us, but we are well prepared to tackle these challenging times," said Mr Sætre. "Statoil is changing, but one thing remains firm: my first and foremost responsibility is for safe and secure operations."

    "Statoil´s strategy is future oriented and well anchored. Three areas stand out to me as of particular importance. On the Norwegian continental shelf we will strengthen and extend our position. Internationally we will invest where we can create material and profitable positions. We will also strengthen our efforts in the transition to a low carbon society. Competitiveness and sustainability is of critical importance, either in oil and gas production or future projects in renewable energy."

     

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