Statoil Wants Renewable Energy Companies to Show Profits

Statoil, an international energy company with branches in 40 countries all over the world, has announced that only those renewable energy products that can exhibit long run profitability will receive investment from it or from any other oil and gas producing company.

Statoil has made these remarks with a real concern believing that the prevailing government level political actions to deal with the climatic changes worldwide will continue for a number of years due to the current financial crisis, thus offending the chances of the matching energy funding for renewable energy sources. The company is currently engaged in a number of offshore wind projects in Norway as well as in the Sheringham Shoal wind farm located off the coast of eastern England. Its attempt to build full-fledged carbon capture storage (CCS) capability at the Mongstad oil refinery located in western Norway has seen unforeseen reversals.

Helge Lund, Chief Executive of the company said, that his company has invested in a number of offshore wind technology projects as well as in CCS technology and added that the commitment towards renewable energy products need to be limited at a point. He clarified that while his company is committed to invest in renewable energy products; he wanted the companies to undergo proper testing to prove that they can make profits in the near future.