Noble Group readies sale of oil and LNG units

With its debts ballooning embattled Noble Group, an Asian commodities giant, will likely offload its oil and LNG units next month.

A report from Alphabulk out this week suggests that the Singapore-listed company is on course to make a net loss of $1.9bn this year, taking its losses to $3.6bn over the past three years. Noble’s suffered a net loss of $1.9bn in the first half of this year.

Noble’s market value has plunged by 90% from $6bn in February 2015 to just over $400m. Its shares are down about 70%so far this year. Earlier this year it outlined plans to streamline operations and return to its roots, focusing on the Asian coal trades.

Reuters is now reporting that the Hong Kong-based group will select a buyer for its oil and LNG units by the middle of next month.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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