January 4, 2019 / 12:38 PM / 2 months ago

Norway's Vistin Pharma hit by $11.7 mln fuel trading loss

OSLO, Jan 4 (Reuters) - Norway’s Vistin Pharma has racked up 101.3 million Norwegian crowns ($11.72 million) in losses from trades in bunker fuel derivatives, the company said on Friday.

Vistin last March announced it would expand from its traditional drug-making business by setting up an energy trading unit, hiring a team of oil market veterans to boost the value of the firm.

On Thursday, Vistin announced the abrupt resignation of its head of energy trading, Torbjoern Kjus, but did not then reveal the extent of its losses.

$1 = 8.6404 Norwegian crowns Reporting by Terje Solsvik, editing by Gwladys Fouche

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