Report: Noble expected to pick LNG unit buyer in September

Trader Noble Group is reportedly expected to select a buyer for its liquefied natural gas (LNG) unit by mid-September.

Although the company’s spokesperson told Reuters Noble Group had no intention of selling its LNG business, which was stressed in the company’s strategic review in July,  however, sources told the liquefied natural gas business would be included in the sale.

According to the group’s strategic review, the Global oil and liquids business, as well as the North American gas & power business sale would is planned as a contribution to the goal of debt reduction.

“The sale of the global oil liquids and North American gas & power businesses reinforces the group’s focus on its hard commodities, freight and LNG businesses,” the review reads.

However, bids for the businesses on sale, including the LNG unit, have been compiled during the last two weeks of August and Noble Group is expected to review the bids during the first two weeks of September, Reuters reports, citing sources close to the matter.

Companies interested in the purchase of Noble Group’s businesses include Mercuria Group, Vitol, Castleton Commodities from the United States, Litasco, Freepoint Commodities and Russia’s Lukoil.

The LNG unit delivered 2 million tons of liquefied natural gas in 2015 to Egypt and Asia-Pacific region following supply deals.

LNG World News Staff