By 1315 BST, Statoil shares were 1.23% higher at €23.00.
Statoil has officially changed its name to Equinor following approval from its shareholders.
"The Company expects to implement the name change from (and including) 16 May 2018.", Statoil said. The move also helps the company to reshift its priorities away from fossil fuels - as befits a company with "oil" in its name - and towards a renewable energy future. None of our competitors has that. "It served us really well for 50 years, I don't think it will be the best name for the next 50 years".
With backing from the government and its 67% stake, the proposed name change will get a majority at the company's annual general meeting tomorrow, despite calls from some politicians that Parliament should debate the issue first.
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Renewable energy is a fast-growing industry.
Statoil's involvement in renewable energy now includes hydropower, onshore wind and solar developments.
CEO Eldar Sætre presents the name change in Stavanger.
"Statoil name change to attract young talent will not be sufficient as long as Equinor is exploring in vulnerable areas, such as the Arctic or the Great Australian Bight", tweeted Truls Gulowsen, leader for Greenpeace in Norway.