Delegates from Norwegian energy major StatoilHydro have visited north-west Russia to award education grants to two schools in Murmansk and Arkhangelsk.

Signatory Bengt-Lie Hansen, company president for Russian operations, said that the new grants would help to secure youths in the region a productive career in the oil and gas industry and develop prospects in the arctic region.

"Russia's offshore technologies are not yet developed and we need cooperation with technologically advanced companies," said one student, Kirill Izmikov, 20, who received a grant in 2008 and attended a summer internship hosted by StatoilHydro.

Bengt-Lie Hansen added that the scholarships would not only be of benefit to the local community but would also improve the company's position in the race to become an "arctic champion".

In other recent developments, Statoil confirmed earlier this month that it was maintaining its 2008 growth targets into 2009 despite the global downturn and the slide in oil prices, adding that it would focus on developing its most valuable assets.

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