Norwegian government buys more stakes in StatoilHydro

Mar 05, 2009 01:00 AM

The Norwegian government increased its ownership stake in oil and gas major StatoilHydro to 67 %.
The Norwegian government has ever since the merger of StatoilHydro and Hydro in 2007 intended to increase its stake in the company. After the merger, the state controlled 62 % of the shares.

Over the last months, the state has spent NOK 19,3 bn on the acquisition 143,4 mm shares.
"For the government, this is a long-term investment which is about securing continued industrial development and employment in the biggest and perhaps most important Norwegian company," Minister of Oil and Petroleum Terje Riis-Johansen says.

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