Norway's government said today it aimed to list between 15 and 25 per cent of state oil firm Statoil - which has considerable forecourt interests in Ireland - on the Oslo and New York stock exchanges from June 18th in Norway'sbiggest privatisation.
The Oil and Energy Ministry said pre-marketing of the shares would start from today and institutional investors would be able to order the stock from May 29th to June 15th, with private investors able to order from May 31st to June 15th.
An initial estimate of Statoil's value would be set towards the end of the month. Evaluations two years ago - when oil prices were far lower than now - reckoned it was worth about 120 billion Norwegian crowns (£12 billion).
Statoil will probably be listed from June 18th, the Oil and Energy Ministry said in a statement.
The Norwegian parliament has voted to list between 15 and 25 per cent of the company. After the listing, Statoil will be allowed to sell chunks of itself by striking up partnerships with foreign oil and gas companies, with the Norwegian state retaining at least two-thirds control.
Olav Fjell, chief executive of Statoil, told Reutersthe company would wait until after the listing to start talks with possible partners.
He declined comment on analysts' belief that Germany's Ruhrgas or France's Gaz de France may be among favoured allies for Statoil, whose weakest side is distribution of gas in Europe.