Norwegian oil giant Statoil sees renewables as a “fully integrated part of its strategy”, with “new energy” set to account for 15-20% of Capex by 2030, said CEO Eldar Saetre.
Saetre said renewables offer an “attractive risk-reward proposition for an industrial player like Statoil”, citing “real returns” of 9-11% so far from its projects. “With costs coming down quickly, renewables are set to be cost-competitive, especially in power generation.”
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