Statoil to sell 40% of fuel and retail division

Norwegian oil firm Statoil ASA  is planning on selling 40% of its fuel and retail division, in an initial public offering to be held later this month. Statoil Fuel and Retail has some 2,300 filling stations across eight countries: Norway, Sweden, Denmark, Poland, Russia, Estonia, Latvia and Lithuania. It is the market leader in Scandinavia and employs more than 17,000 people. Aside from its filling stations, the company supplies aviation fuel to 85 airports in 10 countries and 750 lubricant products in 20 countries. The company had revenues of 31.5 billion crowns (US$5.3 billion) and an operating profit of 1.2 billion crowns (US$203.59 million) for the six months ended June 30. (October 7, 2010)