Statoil plans spin-off of its fuel station business

first_img whatsapp Tags: NULL NORWEGIAN oil company Statoil is readying a fourth-quarter flotation of its international chain of gas stations, joining the industry trend to focus on more lucrative upstream operations.The retail division’s listing on the Oslo stock exchange will test the appetite for new share offerings in Norway along with the expected IPO of insurance group Gjensidige due in late 2010.Analyst Trond Omdal at Arctic Securities said he had estimated a potential market capitalisation for the unit of 10-12bn Norwegian crowns, but added that it could fetch more based on recent strong earnings. “We will move forward with preparing for the listing and then we’ll see whether we get the right value,” Statoil chief executive Helge Lund said. Lund declined to comment on the potential value the IPO. He said Statoil expected to keep more than 50 per cent of the division during the bourse listing. Share More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the KCS-content Thursday 2 September 2010 7:29 pm Show Comments ▼ Statoil plans spin-off of its fuel station business whatsapp last_img read more