Norway's government to retain big stake in Statoil

|About: Statoil ASA (STO)|By:, SA News Editor

Norway's government says it will retain its current holding in Statoil (STO), backing off a pre-election proposal to cut its stake to ~50% from the current two thirds of the shares.

Although the new Conservative government had pledged to reduce the state's role in the economy, the trade minister says STOl has a special place in Norwegian oil and gas policy and there's broad political agreement that the state should keep a majority stake.

The government also plans to keep stakes in fertilizer producer Yara (YARIY, YRAIF), aluminum producer Norsk Hydro (NHYDY) and bank DNB (DNHBY) at current levels.