By Anshuman Daga
Noble Group to sell oil liquids unit to Vitol, flags $1.2 billion loss
SINGAPORE (Reuters) – Struggling commodities trader Noble Group agreed to sell its Americas-focused oil trading business to Vitol for about $580 million as part of a debt-cutting strategy, and warned of a big loss for its third quarter.
Monday’s move came after Reuters reported late on Friday that Vitol, the world’s largest oil trader, was nearing a deal to buy Singapore-listed Noble’s oil liquids unit.
Noble, whose founder Richard Elman took advantage of a commodities bull run to build it into one of the world’s biggest traders after starting it in 1986, is shrinking to an A…
Read the full article at: https://au.news.yahoo.com/a/37577105/noble-group-to-sell-oil-liquids-business-to-vitol-for-580-million/