Noble Group Says Goodbye to Asian Global Oil Trading

Noble Group closed down its London oil desk and wound down its Asia oil operations. Sources familiar with the matter said, as heavy losses and high debt force which was once Asia’s biggest commodity trader to restructure.

The closures followed the sale of its lager U.S. oil trading business to Vitol, and a nine-month loss of $3 billion reported in November 2017. Since then, Noble Group had been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors. The U.S. oil business comprised the material share of Noble Group’s oil business, and the rest had either closed or was in the final process of sale.