This was politically motivated by a desire for

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Unformatted text preview: over.24 But what is the history behind this big success? The proposal for the Statoil and Norsk Hydro merger was announced in December 2006. Under the rules of the EEA, the merger was approved by the EU on May 3, 2007 and by the Norwegian Parliament on June 8, 2007. Statoil (Den Norske Stats Oljeselskap A/S) was founded as a private limited company owned by the government of Norway on July 14, 1972. This was politically motivated by a desire for Norwegian participation 24 According to a report by the business information company Nordic Netproducts. Available on: <www.nordicnet.net/>, July 4, 2008. 29 © Ifri F. Harbo / The European Gas and Oil Market in the oil industry on the continental shelf and to build up Norwegian competency within the petroleum industry and to establish the foundations of a domestic industry. In 1973, the company started work in the petrochemical industry. This resulted in the development of processing plants in Rafsnes and, in partnership with Norsk Hydro, the Mongstad plant in 1980....
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