Transactions with the Norwegian state
For a description of shares held by the Norwegian state, see report section Shareholder information - Major shareholders. See also report section Financial analysis and review - Liquidity and capital resources - Material contracts.
Transactions with other entities in which the Norwegian State is a major shareholder
Because the Norwegian State controls a substantial proportion of industry in Norway, there are many state-controlled entities with whom we do business. The financial value of most such transactions is relatively small, and the ownership interest of the Norwegian State in such counterparties has not had any effect on the arm's-length nature of the transactions. In respect of the goods and services that we purchase in particular, we purchase telephone services from Telenor ASA, a telecommunications company in which the Norwegian State holds a 53.97% interest. Such purchases are made pursuant to standard tariff rates applicable to public and private companies in Norway.
Other transactions with the Norwegian State
Total purchases of liquids and natural gas from the Norwegian State amounted to NOK 74,338 million (204 mmboe) in 2009. In 2008 and 2007, the total purchases amounted to NOK 112,682 million (223 mmboe) and NOK 98,498 million (237 mmboe) respectively. Purchases of natural gas from the Norwegian State (excluding purchases from licences and sales on behalf of the Norwegian State) amounted to NOK 265 million in 2009. In 2008 and 2007, the purchases of natural gas amounted to NOK 375 million and NOK 287 million, respectively. The significant amounts included in the line item Payables to associated companies and other related parties in note 25 Trade and other payables to the Consolidated financial statement, are amount payables to the Norwegian State for these purchases. The prices paid by Statoil for the oil purchased from the Norwegian State are estimated at market prices. In addition, Statoil sells the Norwegian State's natural gas in its own name, but for the account and risk of the Norwegian State.
The Norwegian State compensates Statoil for its relative share of the costs related to certain Statoil natural gas storage and terminal investments and related activities. See report section Operational review-Regulation-Marketing and sale of the SDFI oil and gas for more details.
Although the Norwegian State is Statoil's majority owner, Statoil does not receive any preferential treatment with respect to licences granted by the Norwegian State or under any other regulatory rules enforced by the Norwegian State.
Employee loans
We have a general arrangement with DnBNOR whereby DnBNOR makes available to each of our employees personal consumer loans of up to NOK 300,000. The employees pay the "norm interest rate", which is variable and set by the Norwegian State, and we pay the difference between the norm interest rate and the then-current market interest rate. We also guarantee these loans up to an aggregate maximum amount of NOK 10 million. The repayment period is up to eight years. Our obligations resulting from paying the interest rate difference will be dependent on the loan volume, but, based on current interest rates, it would not exceed NOK 5 million per year.
Members of the corporate executive committee and the board of directors may not take up loans under the current programme. None of the three employee-elected members of the board of directors and none of members of the corporate executive committee had any balances outstanding under this facility as of 15 March 2010.
Employees at certain employment levels are entitled to an interest-free car loan from the company. Members of the corporate executive committee and employee-elected members of the board are generally excluded from this arrangement, and none of them had any balances outstanding as of 15 March 2010.
