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Noreco in deficit despite favorable price deal

Although Noreco is able to sell oil for much more than it's worth, the Norwegian oil firm ends the third quarter in the red.

The old Tyra facilities arrived at the Port of Frederikshavn, Denmark, in August as planned. However, the new Tyra won't be in place until a year after its planned completion, to Noreco's dismay. Photo: Total PR

Norwegian oil company Noreco has for a while been able to dodge the worst consequences of the Covid-19 crisis, as the firm via its acquisition deal with Shell achieved oil prices of USD 75.3 per barrel in the third quarter – far above the market price of USD 42.7.

Still, this wasn't enough for Noreco to incur a profit on its bottom line, which ends up in a deficit of USD 3 million, according to the firm's interim report issued Wednesday morning CET.

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