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Statoil finalises sale of Borealis 

October 14, 2005, 09:30 CEST

Statoil ASA (OSE: STL, NYSE: STO) has closed the sale of its 50 per cent holding in the Borealis petrochemicals group.

Statoil has received EUR 1 billion (NOK 7.8 billion) for the transaction which gives a book profit of NOK 1.5 billion.

The buyers, International Petroleum Investment Company (IPIC) and OMV Aktiengesellschaft, which earlier together owned 50 per cent of the petrochemicals group, now own 65 per cent and 35 per cent respectively.

Statoil has long-term agreements to supply Borealis with feedstock from the Norwegian continental shelf.

Contact person:

Morten Sven Johannessen, special coordinator for investor relations: +47 90 93 41 48 (mobile).