Business

Noble Group set to sell oil liquids business by year end

SINGAPORE Noble Group Limited (NGL) expects to sell its oil liquids business by the end of December as part of a plan to drastically slim down its core Asian coal-trading business after a crisis-wracked two years.

"NGL continues to progress the sale of its global oil liquids business. NGL currently expects the sale of the global oil liquids business to complete by Dec 31," the Singapore-listed company said in a statement on Monday.

In September, chairman Paul Brough told shareholders that the company had received second-round bids for the business and expected to announce a deal before the end of the month.

The company did not give any reason for the delay in the sale.

Once Asia's biggest commodities trading house, Hong Kong-based NGL is slashing jobs and selling assets to shrink debt.

NGL flagged the sale of the capital-intensive oil liquids business in July after agreeing to sell its North American gas and power business to rival Mercuria Group. Yesterday, it said it had completed the sale of the gas and power business.

Reuters had reported that Mercuria Group, Vitol Group, US-based Castleton Commodities International and Freepoint Commodities were among the interested parties for Noble's oil business.

NGL previously said its lenders had extended the deadline for a US$2 billion (S$2.7 billion) credit facility by three months to Jan 15. 
- REUTERS

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