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Noble Group to sell oil liquids business to Vitol, flags big Q3 loss

Noble said gross proceeds from the sale of its oil liquids business would be $1.4 bn, and after deducting debt of about $836 mn, cash proceeds would be about $580 mn

Reuters  |  Singapore 

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 ...

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First Published: Mon, October 23 2017. 16:02 IST