Statoil chairman resigns after two years

Norwegian oil giant Statoil which operates a network of filling stations in Ireland said today that its chairman, Mr Ole Lund…

Norwegian oil giant Statoil which operates a network of filling stations in Ireland said today that its chairman, Mr Ole Lund, will step down next year after more than two years in the post.

Mr Lund, who took over the role in April 1999, had no disagreements with the company but decided to step aside, Statoil said.

Statoil, Norway's largest company, was partially privatised in June when the government floated 17.5 per cent of the company's shares on the New York Stock Exchange and the Oslo bourse.

"The group is now a well-functioning listed company, and very well equipped to meet the challenges of a demanding market," Mr Lund said in a statement.