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Statoil CEO Eldar Sætre. Image courtesy of Harald Pettersen/Youtube.

Norway’s Statoil said Wednesday that acting CEO Eldar Sætre will become the company’s new permanent chief executive.

Sætre has been acting president and CEO since October 2014 and will assume his permanent role with immediate effect.

He joined Statoil in 1980 and has been a member of Statoil’s corporate executive committee since 2003.

Sætre, 58, played a key role during Statoil’s initial public offering and its merger with Norsk Hydro’s oil and gas division.

“Eldar Sætre was our first choice. The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these,” Statoil board chair Svein Rennemo said.

Sætre’s annual fixed salary will be $1.02 million per year.

He will keep his existing pension agreement including the right to resign at 62.

“Competitiveness and sustainability is of critical importance, either in oil and gas production or future projects in renewable energy,” Sætre said.