Mon 20 Sep 2010, 07:04 GMT

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.


Grande Pacifico vessel. Grimaldi takes delivery of ammonia-ready Grande Pacifico  

9,800-ceu ship is the largest PCTC in the Neapolitan Group’s fleet and the first of five sister vessels on order.

Regional seminar on alternative fuels and new technologies. IMO seminar in Trinidad and Tobago trains Caribbean maritime educators for the alternative fuels era  

A five-day regional seminar in Port of Spain addressed ammonia, methanol and hydrogen training for seafarers.

Summit Arbutus vessel. Corvus Energy wins 40 MWh battery contract for BC Ferries’ new biofuel-compatible Summit Class vessels  

Norwegian battery supplier to power four new hybrid-electric ferries for Canada’s BC Ferries.

Fleetzero Leviathan Battery Energy Storage System (BESS). ABS issues product design assessment for Fleetzero’s Leviathan battery system  

The first US-manufactured lithium iron phosphate marine battery system receives classification society approval.

Grand Tour vessel render. ABB wins power and propulsion contract for Allseas’ offshore wind support vessel  

ABB will supply an integrated propulsion package for a new semi-submersible vessel supporting Europe’s offshore wind sector.

Keel-laying ceremony for SGC 005. Pinnacle Marine lays keel for fifth B100-compatible harbour craft as Singapore fleet build-out reaches full construction phase  

All five vessels in Pinnacle Marine's B100-compatible utility boat programme are now under construction.

210,000-tonne tri-fuel ore vessel render. CSSC units sign contract for four tri-fuel ore carriers  

Ships feature a tri-fuel propulsion system combining ethanol, methanol and fuel oil.

Houston skyline. Bunker One seeks oil derivatives trader for Houston desk  

New hire to work alongside trading and sales, providing hedging solutions for physical exposure.

Lyla Pathfinder vessel. Kawasaki delivers 13th LPG-fuelled LPG/ammonia carrier  

86,700-cbm vessel is shipbuilder's 20th delivery featuring LPG-fuel propulsion.

Mein Schiff Relax ship-to-ship (STS) bunkering operation. TUI Cruises puts both InTUItion-class ships on bio-LNG as fleet targets 50,000-tonne CO₂e saving in 2026  

German cruise operator says bio-LNG use across two newbuilds has already cut 26,000 tonnes of CO₂e.