Julia Payne and Ahmad Ghaddar
Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia’s biggest commodities trader to restructure.
The closures follow the sale of its larger US oil trading business to Vitol, announced in October, and a nine-month loss of some $US3 billion reported in November.
Since then, Noble has been winding down its remaining oil trading operations in London and Singapore, with many key traders leaving to join competitors.
“That (US oil business) comprised the material share of Noble’s oil business. The rest … has either closed or is in the fin…
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