Statoil's Board of Directors (OSE: STL, NYSE: STO) has decided to start a process to list its energy and retail business on the Oslo Stock Exchange. Further to the announcement made on the 3rd of February 2010, Statoil's Board of Directors has approved the proposal to create a stand-alone Energy & Retail (E&R) business through an initial public offering (IPO) on the Oslo Stock Exchange. The IPO will take place at the earliest in the fourth quarter of 2010 or at a time when the capital market is deemed favorable for such an offering. Statoil intends to remain a majority shareholder of E&R at the time of the initial public offering and listing. The size and time horizon of Statoil's future ownership in E&R will be tailored to support and develop company value both for E&R and for the Statoil Group.