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Statoil abandons recent plot to expand into EU
(MENAFN) Statoil, the Norwegian oil and gas firm has decided not to proceed with the assessments of a possible business center within Europe, according to the latest reports.
In Nov-2015, the Stavanger-based giant started investigating the basis for a business center outside Norway to cut costs and increase Statoil's competitiveness.
The evaluations have been thorough, and after a complete evaluation, the firm chose not to progress this work, thus declaring it'll identify other measures to reduce costs.
"Our industry is currently experiencing a very demanding situation. Substantial, lasting cost reductions are therefore needed," stated Statoil's chief financial officer.
In Nov-2015, the Stavanger-based giant started investigating the basis for a business center outside Norway to cut costs and increase Statoil's competitiveness.
The evaluations have been thorough, and after a complete evaluation, the firm chose not to progress this work, thus declaring it'll identify other measures to reduce costs.
"Our industry is currently experiencing a very demanding situation. Substantial, lasting cost reductions are therefore needed," stated Statoil's chief financial officer.
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