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Friday, July 12, 2024

Statoil rated as world’s best

Norway’s part state-owned oil and gas enterprise Statoil often gets a lot of criticism at home, but internationally,  it has achieved a top spot in Fortune magazine’s “World’s Most Admired Companes” rankings.

Norway's Statoil has won the admiration of analysts and oil industry experts. PHOTO: Statoil/Harald Pettersen

The rankings stem from evaluations by industry experts and analysts from around the world, who have ranked companies based on a number of characteristics.

Statoil was ranked as the world’s most-admired petroleum refining company. It also placed number-one in the rankings for the most socially-responsible company overall.

The company finished sixth-best in terms of long-term investment, came in as the seventh “most innovative” firm, and placed eighth when it comes to “use of corporate assets.”

The rankings are compiled by Fortune every year. Statoil’s previous ranking within the petroleum refining sector was seventh.

The high international regard offers some welcome relief for Statoil officials, who have struggled during the past year with criticism in Norway for their eagerness to start drilling for oil and gas off Lofoten, for getting involved in a controversial oil/tar sands project in Canada and for serious safety concerns on its Gullfaks field in the North Sea. Environmentalists and politicians also have been disappointed that a much-hyped carbon capture facility at Statoil’s Mongstad plant has been repeatedly delayed.

Now Statoil can bask in the admiration of industry colleagues and analysts. The company can also find itself in good company, given the other firms appearing on Fortune’s list.  Also earning top rankings were Google, Warren Buffet’s investment firm Berkshire Hathaway, Southwest Airlines and Apple, with the latter hailed as having the best reputation for the fourth year in a row.

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