Statoil Fuel & Retail: Update on Initial Public Offering

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

Statoil Fuel & Retail ASA – Joint Global Coordinators exercise over-allotment option

Oslo, 2 November 2010: Statoil ASA (OSE: STL, NYSE: STO) has today been notified by the Stabilisation Manager (Citigroup Global Markets Limited) for the Initial Public Offering ("the Offering") of the shares of Statoil Fuel & Retail ASA (OSE: SFR) that the Stabilisation Manager has exercised the over-allotment option to purchase additional shares from Statoil.

The over-allotment option has been exercised in its entirety, and Statoil will accordingly sell 18 million additional shares in the Offering at a price equal to the offer price of NOK 39 per share set in the Offering. Following settlement of the over-allotment option, Statoil will have sold a total of 138 million shares in the Offering and will remain the owner of 162 million shares in Statoil Fuel & Retail ASA, equaling 54 % of the shares and votes in the company.

Contacts:

Jannik Lindbæk jr, vice president, media relations, Statoil ASA,Tel: +47 977 55 622

Karen Romer, senior vice president, communications, Statoil Fuel & Retail ASA Tel : +47 950 74 950

For further information regarding the Offering and listing of the shares in Statoil Fuel & Retail ASA please refer to the Prospectus issued by Statoil Fuel & Retail ASA in connection with the Offering.

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IMPORTANT NOTICE:

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Statoil Fuel & Retail ASA. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.

This document is an advertisement for the purposes of applicable measures implementing Directive 2003/71/EC (such Directive, together with any applicable implementing measures in the relevant home Member State under such Directive, the “Prospectus Directive”). A prospectus prepared pursuant to the Prospectus Directive has been published and can be obtained from www.statoilfuelretail.com.

In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in that Member State, the “Prospectus Directive”) other than Norway, Sweden and Denmark, this communication is only addressed to and directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)