Crisis hit commodity trader Noble Group has completed the disposal of its US gas and power business to rival Mercuria and expects to sell its oil liquids unit by the end of the year.
The Singapore-listed company, which has been battered by concerns about its debts and inability to generate cash, said on Monday it received a total consideration of $185m for its gas and power business, less than the $261m it had signalled at a recent shareholder meeting.
Noble said the difference between the two figures reflected a decrease in working capital as it unwound trades and changes to the value of outstanding positions. Mercuria will pay $102m upfront and the balance of the monies over the next couple of weeks subject to adjustments.
Noble is scrambling to sell assets and cut costs in an attempt to pay down debt and secure new credit facilities.
The company said it expected to sell its oil liquids business – once the jewel in its crown – by the end of the year. That may disappoint some of its lenders.
Chairman Paul Brough said last month that he expected “some kind of announcement or deal before the end of September” on the sale of the oil unit.
Mercuria and Vitol, the world’s biggest independent oil trader, are the two front runners for the business.
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