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Statoil thirsty for renewable investments as oil improves

The oil major is in a committed relationship with offshore wind turbines but might soon embark on an extracurricular love affair with solar panels, states the company after presenting a first quarter interim report full of success stories.

Photo: Mainstream Renewable Power

While the oil business continues to show signs of improvement for Norway's Statoil, the company's renewable energy division also seems headed for growth, reported several media ahead of the Q1 report's release this Thursday.

Statoil confirms to PV magazine that the company is looking into new investments in solar panels. These investments could be added to the company's minor division for renewable energy and carbon extraction, New Energy Solutions, as well as the investment fund New Energy Ventures.

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