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Report on sustainable development

August 26, 2002, 12:00 CEST

The contribution Statoil can make to sustainable development is presented in a new report entitled The Future is Now, which ranks as the first document of its kind issued by the group.

It aims to provide a better overall understanding of the way Statoil is managed and the relationship between its ethical stances and actual behaviour.

The report is divided into chapters which look at the challenges posed under different headings. Each of these sections ends with one or more defined objectives.

“For us, sustainable development is about the impact of our operations on people, the environment and society,” observes chief executive Olav Fjell.

“We’re talking about results on three bottom lines – financial, environmental and social.”

He notes that Statoil seeks to manage its business along these three dimensions in an integrated way, so that the net sum of its operations will be positive both for it and for the world at large.

“Through this report, we want to make it clear that we create value both for our owners and for the community.”

The Future is Now also covers the group’s history, provides a financial overview and details the criteria applied in managing the group and measuring its performance.

Relations with Statoil’s own employees, ethics and issues concerning human rights are all discussed in the report, along with health, safety and the environment.

Statoil’s own workforce represents an important target audience for the report.

“We want it to stimulate greater awareness and more holistic thinking in our own ranks about the way we do business,” says Mr Fjell. “That’ll also improve risk management.”

In addition to all employees, the report will be sent to specially interested investors, government authorities, voluntary organisations and other companies.

The report has been presented by Mr Fjell at a press conference in Stavanger today, 26 August, the day before the Offshore Northern Seas exhibition opens.

It is currently available only in English, but a Norwegian version will be published in the near future.