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Statoil CFO Protecting Capital During Economic Turmoil

Statoil CFO Protecting Capital During Economic Turmoil

The chief financial officer of oil giant Statoil told Dow Jones Newswires recently that the company has taken a number of steps to ensure that its capital is protected while the global economy continues to struggle.

According to CFO Torgrim Reitan, Statoil has limited the number of banks it works with and shifted its capital management strategy in order to not rely too heavily on the financial institutions.

"We have done some changes, we have become more conservative, placed our money more safely," Reitan told the news source. "In these times, with so much money on our books, we need to be cautious on where this money is."

Reitan added that while it was still too early to determine when the global economy will ultimately become stable once again, demand for petroleum in China and Asia has given him confidence, according to the news provider.

The finance chief's confidence likely also surged after Statoil made a potentially significant oil discovery in the North Sea, according to a release from the company.