Noble selling global oil liquids, N America gas & power businesses

Singapore

TROUBLED commodity trader Noble Group is selling two businesses to alleviate the group's liquidity crunch.

Updating on its strategic review on Wednesday, Noble said that it will continue to focus on paring its debt by selling its global oil liquids business, also its most working capital intensive operation, and its North American gas & power business.

Together, these will generate "significant cash proceeds" and allow the group to retire the US$2 billion Noble Americas Corp secured borrowing base revolving credit facility and the US$1 billion Noble Clean Fuels Limited secured borrowing base revolving credit facility.

Net proceeds from the sale of both businesses, along with disposals of certain assets held outside North A…