 |
Louisiana Light • 2 days | 73.66 | +0.86 | +1.18% | ||
|
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% | ||
|
Mars US • 320 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 13 mins | 2.021 | +0.010 | +0.50% |
|
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 30 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% |
|
Peace Sour • 14 hours | 66.96 | +0.94 | +1.42% | ||
|
Light Sour Blend • 14 hours | 66.21 | +0.94 | +1.44% | ||
|
Syncrude Sweet Premium • 14 hours | 70.96 | +0.94 | +1.34% | ||
|
Central Alberta • 14 hours | 67.96 | +0.94 | +1.40% |
|
Eagle Ford • 2 days | 67.67 | +1.10 | +1.65% | ||
|
Oklahoma Sweet • 2 days | 67.75 | +1.25 | +1.88% | ||
|
Kansas Common • 2 days | 58.02 | +1.10 | +1.93% | ||
|
Buena Vista • 3 days | 76.57 | +1.17 | +1.55% |
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Oil Trading Giant Vitol to Buy Asian Trader Noble Resources
Vitol has agreed to buy Asian energy products and industrial raw materials trader Noble Resources Trading Limited for $209 million, the world’s largest independent oil trader said on Friday.
Vitol will acquire Noble Resources at a purchase price equivalent to $0.63 per share on a debt-free / cash-free basis, which works out to around $208.9 million, the Singapore-listed company said.
The transaction, which is subject to customary conditions precedent, is expected to close before the end of 2024.
Noble Resources is one of Asia’s leading independent energy products and industrial raw materials supply chain managers, Vitol said.
The transaction includes the sale of the Noble Resources trading business, excluding certain non-core assets.
Noble Resources operates in the supply chain of energy coal, oil products and metallurgical coke, and is supported by its freight and logistics operations.
After two years of exceptional profits in 2022 and 2023, the world’s biggest independent traders are looking to expand their reach and to reinvest part of the cash, including in refineries.
Vitol Group, for example, last year signed a deal to buy 35% of the Saras refinery in Italy after reaching a deal with members of the Moratti family.
Another major trader, Trafigura, said in April that Rhône Energies, its consortium with Entara LLC, has entered into exclusive negotiations to buy the Fos-sur-Mer refinery and the Toulouse and Villette de Vienne terminals from ExxonMobil’s local unit Esso.
Glencore also made the list of the biggest oil traders buying refineries from Big Oil. In May, Shell reached an agreement to sell its refining and chemicals assets in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital and Glencore Asian Holdings.
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The commodity trading industry currently has the means to reinvest strategically in long-term deals and strategic decisions, according to consultancy Oliver Wyman. One winner move for reinvesting the profit windfalls could be to invest in assets, “which gives traders greater optionality and influence over the commodities they trade,” Oliver Wyman said in a report earlier this year.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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