Statoil may be forced to borrow 50 billion over the next two years for shareholders to be able to draw dividends, says analyst.

– Statoil takes an active bets that oil prices will be up again, says equity analyst Christian Yggeseth in Arctic Securities to class struggle.

The employees of Statoil demanded a halving of the dividend to the group owners from 24 to 12 billion, but was rejected by a solid majority of shareholders when oil company held its annual general meeting Tuesday.

Yggeseth estimate that Statoil must borrow 200 billion to keep up the level of investment and dividend policy, and of the sum will go to 50 billion dividend.

Like the employees believe Arctic Securities that Statoil should have cut in dividend to shareholders, where the Norwegian state is the largest shareholder with control of 67 percent of the shares. Yggeseth do not think Statoil gambler with jobs in the first place, but says analysts are worried that Statoil takes up too much debt.

Communications Manager Jannik Lindbaek jr. told the newspaper that the group did not want to comment on Arctic Securities’ analyzes, but denies that the dividend policy will go on the cost of the investments.

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