Statoil's profits treble

Statoil boss Olav Fjell enjoyed the past year

Statoil's profits trebled in 2000 due to high crude oil prices and following a restructuring of the company.

The Norwegian state's main oil company saw pre-tax profits rise to 38.1bn kroner ($4.2bn, £2.9bn), from 13.5bn in 1999.

Net profits rose to 11.3bn kroner, up from 4.7 a year earlier.

The oil and gas company's profitability also rose sharply, with return on capital rising from 5.9% to 15.1% during the year.

"Our profitability and financial position are good," said president and chief executive Olav Fjell.

The results were the last full-year figures to be published by Statoil before its stock market listing in June 2001.

"The average price for Brent Blend oil was 251 Norwegian kroner per barrel in 2000, compared with 140 kroner the year before," Statoil said in a statement.

"The average gas price rose by 70%, while refining margins almost doubled".