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8

StatoilHydro Chief Resigned Due to Lybian Operations

Eivind Reiten, chairman of the newly-created Norwegian oil company StatoilHydro

Eivind Reiten, chairman of the new-born Norwegian merger StatoilHydro, resigned Thursday night in connection with the company’s investigation into its Libyan operations.

On Monday, when Statoil completed its purchase of Norsk Hydro, it emerged that the company had notified US authorities of information it had uncovered about Hydro’s activities in Libya, bought as part of Saga Petroleum in 1999.

Reiten said in a statement he had realised his role as chairman “presented difficulties” in light of payments that might have conflicted with ethical guidelines.