News

Energy & Offshore

Danielle Isaac

, Singapore

Published:

8 years ago

Noble sells US oil unit for US$1.42b

This comes as part of its decision to monetise global oil liquids segment.

Noble Group sold its American unit Noble Americas Corp. (NAC) to Vitol US Holding Co. and Euromin Inc. for a total consideration price of US$1.42b.

According to an announcement, Noble reported losses in Q1 after mismanagement of its supply chain and hedging activities. It went through a strategic review and decided to monetise its global oil liquids business.

Noble previously disposed of Noble Americas Gas & Power Corp. (NAGP).

Noble's equity interests in Noble Petro Inc. (NPI) and previous agreements will be transferred to Vitol US Holding Co.

NAC trades large physical volume of crude and refined oil products via ship, barge, pipeline, truck and rail. It also has blending and wholesale capabilities with long-term leases on liquid storage facilities.

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