The shares in Petoro AS are wholly owned by the Norwegian state. As a result, the company has no personal shareholders and no share transactions occur with close associates. Petoro Iceland AS entered into an agreement with Petoro AS on an overdraft facility during 2013. This agreement was treated in accordance with section 3-8, see section 2-6, first paragraph, nos 1-4, of the Norwegian Limited Liability Companies Act, and was reported to the Norwegian Register of Business Enterprises.
The government has a common ownership strategy to maximise the collective value of its equity holding in Statoil ASA and the state’s direct oil and gas interests. On that basis, Statoil ASA undertakes the marketing and sale of the state’s petroleum pursuant to a marketing and sale instruction approved by the general meeting of Statoil ASA. Through article 11 in Petoro’s articles of association and the marketing and sale instruction for Statoil ASA, the government has given Petoro responsibility for monitoring that Statoil ASA performs its duties in accordance with this instruction.