Statoil To Increase R&D Investment

Statoil ASA STO announced its plans to lift investments in research and development by 27% to NOK2.8 billion ($465 million) in 2012. Statoil is raising its R&D budget to NOK2.8 billion from NOK2.3 billion. Statoil shares fell 0.73% to $25.75 in pre-market trading.