Statoil's Arbitrage. Statoil, the national oil company of Norway, is a large, sophisticated, and active participant in both the currency and petrochemical markets. Although it is a Norwegian company, because it operates within the global oil market, it considers the U.S. dollar, rather than the Norwegian krone, as its unctional currency. Ari Karlsen is a currency trader for Statoil, and has immediate use of equither $3.05 million (or the Norwe is faced with the following market rates and wonders whether he can make some arbitrage profits in the coming 90 days