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Statoil's CEO got substantial wage increase last year

Statoil CEO Eldar Sætre got a close to 30 percent raise in salary and bonuses last year compared to 2016, according to the oil major's annual report. Particularly one bonus made its mark.

Photo: Ole Jørgen Bratland/Statoil

Eldar Sætre noted a rise in his paycheck last year of around 30 percent compared to 2016, shows the annual report from the Norwegian oil company Statoil, which will soon change its name to Equinor.

Since the oil price collapsed in 2014, Statoil and the rest of the industry have worked hard to reduce costs in the business, and they succeeded. Meanwhile, the oil price recovered and the oil industry is enjoying the effect.

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