Corp-Ethics Home
Log In | Register New User
Home Company Search Related Articles Forum (new!)

Company Statoil [Company Info]
  Track this Company (an email will be sent to you everytime a report is filed about this company)

Date Issue Title
5th Oct 2007 Other Issue StatoilHydro head quits on probe

Report
The head of newly-created StatoilHydro has resigned amid a probe into possible corruption over contracts in Libya.

Eivind Reiten, who is also the head of Norsk Hydro, said he had to step down to avoid a conflict of interest.

The probe started on Monday, when the company - formed when Statoil acquired Norsk Hydro's oil and gas division - first listed its shares.

StatoilHydro wants to find out if contracts it took over from Norsk Hydro broke Norwegian or international law.

The giant energy firm has been under investigation for contracts made by Norsk Hydro regarding oil deals in Libya.

"Out of consideration to StatoilHydro, I have after careful consideration decided that it is right for me to stand down from my position as chairman of the board of StatoilHydro," Mr Reiten said.

The move by Mr Reiten comes after an earlier resignation by Norsk Hydro board chairman Jan Reinaas.

Mr Reinaas stepped down after being criticised for paying Mr Reiten and other high-ranking members of the firm substantial amounts in options before Statoil made its Norsk Hydro acquisition.

Marit Arnstad will take over Mr Reiten's position until a replacement can be found.

Other Reports on Statoil
Date Issue Company Report
14th Oct 2004 Questionable Practice Statoil Statoil agrees to pay bribe fine

Related Reports from the Petrochemical Industry
Company Issue Report
BP Amoco Fraud Investigation BP fined $373m by US government
BP Amoco Other Issue Venezuela hits BP with tax bill
Halliburton Fraud Investigation FBI 'studying Halliburton deals'
BP Amoco Questionable Practice BP blamed for Texas blast
BP Amoco Other Issue Alaska well explosion may cost BP $2.5 mln fine
 
Contact Us | Terms of Service | Privacy Policy | Add Report | Links
© 2006 Corp-Ethics.com | Corporate Ethics