Singapore-listed commodities trading firm Noble Group Limited has reportedly sold its global oil business Noble America Corp (NAC) to Vitol for $400 million, $175 million lower than earlier estimates of $575 million.
“The decrease in estimated Consideration is primarily due to operating losses of NAC from 1 October 2017 to the Closing,” it said.
“These operating losses were driven by reduced trading operations, as the business was prepared for sale, which prevented NAC from covering it fixed expenses.”
The sale of NAC, which include the company’s London and Singapore desks, marks an effective exit of Noble from the oil trading business.
Publication date: 16 January, 2018
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