StatoilHydro head quits on probe

The head of newly-created StatoilHydro has resigned amid a probe into possible corruption over contracts in Libya.

Eivind Reiten, who is also the head of Norsk Hydro, said he had to step down to avoid a conflict of interest.

The probe started on Monday, when the company – formed when Statoil acquired Norsk Hydro’s oil and gas division – first listed its shares

Statoil agrees to pay bribe fine

Norwegian oil and gas giant Statoil has agreed to pay a 20m-kroner ($3m; £1.7m) penalty imposed upon it for alleged bribery in Iran.

The company has however “not admitted or denied the charges”