Singapore-listed Noble Group is in the process of closing its London oil desk and winding down oil trading activity in Asia due to losses and high debt.
The company has been reducing operations in October after selling its US oil trading business to Vitol; it reported a $3 billion loss in its third quarter report in November, according to Reuters.
It noted a decrease in Noble’s oil trading operations at London and Singapore with several key traders leaving the company to join other trading firms in late 2017.
“That (U.S. oil business) comprised the material share of Noble’s oil business. The rest … has either closed or is in the final process of sale,” a source familiar with the matter told the news agency.
The closure of its London and Singapore desks marks an effective exit from the oil trading business.
Noble had bank debt of about $1.2 billion and bonds aggregating to about $2.3 billion as of mid-December.
Article credit: Reuters
Publication date: 10 January, 2018
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