DOW JONES NEWSWIRES

Statoil said late Wednesday its board of directors has decided to start a process to list its energy and retail business on the Oslo Stock Exchange.

 
   MAIN FACTS:

-Further to the announcement made on Feb. 3 2010, Statoil has approved the proposal to create a stand-alone Energy & Retail (E&R) business through an initial public offering (IPO) on the Oslo Stock Exchange.

-The IPO will take place at the earliest in 4Q 2010 or at a time when the capital market is deemed favourable for such an offering.

-Statoil intends to remain a majority shareholder of E&R at the time of the initial public offering and listing.

-The size and time horizon of Statoil's future ownership in E&R will be tailored to support and develop company value both for E&R and for the Statoil Group.

-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090; djnews.stockholm@dowjones.com