The sale is in line with StatoilHydro’s overall strategy of focusing its resources in Norway, Sweden and Denmark, as well as expansion eastwards. The company’s upstream business will not be affected, as it will maintain its Statoil Faroyene subsidiary. The company will continue to supply the islands’ Vagar airport with its Jet A1 aviation fuel.
Jacob Schram, senior vice president for energy and retail in Europe, said: We are pleased that the new owners will develop the company further together with the present management.
The Norwegian oil conglomerate will also sign an agreement with the new company for the supply of petroleum products, aviation fuel and lubricants to Faroese customers. The partners have agreed not to publicly disclose the takeover sum.
