Corporate assembly recommends merger

March 29, 2007, 16:15 CEST

Statoil ASA's corporate assembly has made the following statement following today's 29 March meeting:

The corporate assembly recommends that the company's ordinary general meeting approves the demerger plan for Norsk Hydro ASA as part of the merger of Norsk Hydro ASA's oil and gas division with Statoil ASA, agreed on by the boards of directors in Norsk Hydro ASA and Statoil ASA, on 12 and 13 March 2007 respectively.

The corporate assembly also makes reference to the Statoil board of directors' report on the merger between Statoil ASA and Norsk Hydro ASA's oil and gas division of 13 March 2007 and endorses the board's recommendations in this regard.