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
Cash of SGD 4.43 million and USD 243,100, and one piece of 100-gram gold-coloured bar recovered in safe belonging to Abdul Latif Bin Ibrahim kept at Extra Space warehouse storage facility, show court documents.
Program introduces periodic assessments, mass flow metering data analysis, and regular training for relevant key personnel to better handle the MFMS to ensure a high level of continuous operational competency.
U.S. Claims Register Summary recorded a total USD 833 million claim from a total 180 creditors against O.W. Bunker USA, according to the creditor list seen by Singapore bunkering publication Manifold Times.
Glencore purchased fuel through Straits Pinnacle which contracted supply from Unicious Energy. Contaminated HSFO was loaded at Khor Fakkan port and shipped to a FSU in Tanjong Pelepas, Malaysia to be further blended.
Individuals were employees of surveying companies engaged by Shell to inspect the volume of oil loaded onto the vessels which Shell supplied oil to; they allegedly accepted bribes totalling at least USD 213,000.
MPA preliminary investigations revealed that the affected marine fuel was supplied by Glencore Singapore Pte Ltd who later sold part of the same cargo to PetroChina International (Singapore) Pte Ltd.