Report: Noble Group’s LNG traders jump ship
Hong Kong-based commodity trading house, Noble Group, has reportedly lost three of its LNG traders to the rival company Glencore of Switzerland.
Sources told Reuters that, despite losing three traders, two of which have been co-heads of the team, Noble will continue trading liquefied natural gas with the remaining five people.
Noble Group’s shares dipped in value by more than two-thirds during 2015 following allegations by Iceberg Research that the trader falsely represented the value of its contracts which boosted its assets by billions of dollars. Combined with the drop in the commodity market, this could be seen as the reason for departures, according to the report.
However, the trader signed its first LNG supply contract in Asia Pacific at the end of last year and also has a two-year supply deal in place with Egypt.
It was also reported that two traders departed from Glencore earlier, however, neither Noble Group or Glencore issued any comments regarding the departures.
LNG World News Staff