- Norwegian pharmaceuticals company, Vistin Pharma, decided to take a gamble on energy markets in March last year despite being best known for making a diabetes drug.
- The company announced Tuesday that it was closing its energy trading operation following the departure of resignation of head of energy trading, Torbjørn Kjus, on Friday.
- Vistin's contracts are worth negative 85 million Norwegian kronor ($9.8 million) as of December 31, 2018. They expire at the end of 2020.
Energy trading is a notoriously tricky gamble. Prices of a variety of products are subject to intense volatility that can catch even the most savvy investors off guard. For the not so savvy, it can be even worse. Take Norweigan pharmaceuticals company Vistin.
Vistin Pharma, best known for its type-2 diabetes medication Metformin, announced in March that it would try its hand at the energy market. In a veering turn from its business model, it explained that it made the move "to take advantage of the global change in sulphur specifications for marine fuel in the global shipping industry in 2020."
See the rest of the story at Business Insider
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from Business Insider https://read.bi/2sdSuGr
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