Statoil, the Norwegian state energy group, says a “broad consensus” needs to emerge within the ruling Labour party on the structure of partial privatisation of the oil and natural gas company.
Inge Hansen, Statoil’s finance director, says a narrow victory by the pro-privatisation wing of the party – which leads a minority government – will not be enough to end the debate on Statoil’s future.
“When the decision is made it needs to be broadly supported,” said Mr Hansen. “A 51/49 result won’t end the debate.”
A party conference this autumn will focus on Statoil’s future, with some in the party demanding that it stay a wholly state-owned concern. “Statoil is still seen by many as a political vehicle, and not part of the industrial community,” said Mr Hansen in an interview.
Statoil officials believe there is broad public support for some form of privatisation. But the key question, according to Mr Hansen, is whether Statoil would be privatised with a large chunk of additional assets that are now held by the State Direct Financial Interest (SDFI) but managed by Statoil.
“The SDFI is seen as the family treasure,” said Mr Hansen. “A partially privatised Statoil will be a good company with or without SDFI. But with SDFI it will be a stronger company.”
Mr Hansen, whose background is in investment banking, said many long-serving Statoil employees still think the company is the natural owner of the SDFI assets, as they were only taken out of Statoil by a previous Conservative government.
Mr Hansen said that by splitting SDFI and Statoil some problems could arise such as who would handle the licences and voting rights.
“But privatisation itself is important,” he said. “The day we are privatised we have to run a little faster. With SDFI we would have more possibilities.” Reuters