Sources with knowledge of the matter reportedly said that this comes as the company seeks to rebrand itself as a niche, Asia-focused commodity trader.
One senior executive at the company which took over assets of the under-liquidation Noble Group Ltd, said: “We have enough credit lines to expand the LNG business. In our restructuring, we made sure we had ample credit facilities, so we could build the business that we lost.”
According to Reuters, Noble Holdings has now formed a Singapore LNG desk by hiring a former trader from Origin Energy, expanding its four-person LNG team in London.
One unnamed industry source reportedly said: “The company has always had an LNG team but activities were wound down for a while and are now starting back up.”
According to Reuters, Noble saw three LNG traders (including two co-heads of the team) leave the company to join Glencore in 2016. In addition to this, it also sold its US gas and power business to Mercuria.
Reuters reports that the newly established Singapore LNG desk will focus on trading.
The company executive said: “We’ve been in a process to prove to the market that Noble is a viable enterprise and can continue to fulfil contracts”, using a three-year trade finance facility of US$700 million secured as part of its restructuring.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/22082019/noble-group-looking-to-rebuild-lng-and-core-energy-businesses/