Oslo - Petrol stations operated by Norwegian energy group Statoil Hydro were to keep their original name Statoil, the group's chairman said Thursday, indicating it meant massive savings.

Statoil operates some 2,000 petrol stations in eight countries.

Retaining the Statoil name for the petrol stations was believed to save huge sums. Oslo-based consulting firm Det Norske Veritas (DNV) had estimated that rebranding the stations and creating a new logo would cost 1.9 billion kroner (325 million dollars).

Meanwhile, the board will continue its efforts to present "a proposal for a name and logo to the company's owners, who will decide on the proposal at the annual general meeting in 2009," board chairman Svein Rennemo said in a letter to the editor of the Oslo daily Aftenposten.

Statoil Hydro was created in October 2007 with the merger of Norwegian oil and gas groups Statoil and Norsk Hydro. The new board was also given responsibility for proposing a new name.

The Norwegian government, which has a majority stake in Statoil Hydro, will likely have the final word on the company's name at the annual general meeting. (dpa)