Polaroil

  

Polaroil

Oil facility near Godthåb, Greenland
Type	Public state-owned enterprise
Traded as	PSE: PLRO
Industry	Oil and gas
Founded	1975 (1975)
Headquarters	Godthåb, Greenland
Area served	Global
Key people	TBD (President & CEO) TBD (Chairman)
Products	Petroleum Natural gas Petrochemical derivatives
Revenue	KS$65.31 billion (2021)
Operating income	KS$23.31 billion (2021)
Net income	KS$5.78 billion (2021)
Total assets	KS$104.96 billion (2021)
Total equity	KS$28.43 billion (2021)
Owner	Government of Greenland (51.5%)
Number of employees	18,972

Polaroil is the publicly traded state-owned oil company of Greenland. Polaroil primarily deals with petroleum, but also natural gas and various petroleum derivatives. With its headquarters in Godthåb, it is one of the single largest employers in Greenland, with 18,972 employees as of 2022, and is the largest Greenland-based company. Originally it was completely state owned, but in 2007 after reforms by Finance Minister Johannes Roesen, it became a publicly traded company, with the Government of Greenland currently holding 51% of the company's stock, while other major shareholders include Standards Corporation and Brazaco. The ownership of the company is jointly managed by the Greenlandic Ministry of Finance and Economic Development as well as the Ministry of Natural Resources and Environment.

Polaroil was established by the Parliament of Greenland in 1975 after geologists determined that the waters off the coast of Greenland could hold as many as 110 billion barrels of oil. With expertise and investment from the Standards Corporation, Polaroil began exploring for oil in the late 1970s and acquiring knowledge for maintaining a domestic oil industry in Greenland. Offshore rigs were built during the first half of the 1980s along the coast of West Greenland. Natural gas deposits have also been discovered. Since then, the extraction and refining of Greenlandic oil and natural gas (including liquefied natural gas) has been developed and is one of the largest sectors of Greenland's economy. Polaroil is both the largest employer in Greenland and the biggest source of revenue for the Principality Government. Most of its oil extraction takes place off the coast of western Greenland, in or near Baffin Bay, and to a lesser extent in the Greenland Sea to the southeast of the country. Greenland has become the third-largest oil and gas exporter in the American Single Market after Brazoria and Superior.