Pressure grows on Noble Group: Vitol says oil deal 'complicated'
Noble's negotiations with its lenders have also complicated the oil trading unit's sale, say sources
London
VITOL Group's negotiations to buy Noble Group Ltd's oil trading unit are "very complicated" and may not end in a deal, the chief executive officer of Vitol said, adding to pressure on his Hong Kong-based rival.
The sale of the oil business is crucial to the survival of Noble Group, once Asia's largest commodity trader. It is rushing to sell the unit in order to pay back about US$1 billion of debt under its secured credit facilities, of which the largest matures in mid-January.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore-backed group said near deal for Shell Singapore assets
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates