China’s state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the embattled trader, three sources familiar with the matter said, in a move that would help it gain access to the commodity trader’s global supply chain. According to Reuters, taking a stake in an internationally active trading house like Noble would help Sinochem, a big oil, gas and petrochemical company, in its ambitions to become a more globally active energy trader, and also develop China’s gas industry. The discussions are taking place as Singapore-listed Noble looks to rejig its business units, cut debt and boost liquidity to fight a long-term downtrend in commodity prices. In November, Hong Kong-headquartered Noble said it had met its capital raising target of $2 billion as it sold assets, completed a rights issue and restructured its operations.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved