Noble Said to Quit European Power, Gas on Liquidity Crunch
- Commodities trading house downsizing capital-intensive units
- Noble Group to continue trading LNG as well as U.S. gas, power
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Noble Group Ltd. plans to quit power and natural gas trading in Europe by the end of the year as the embattled commodities firm cuts capital-intensive businesses, according to three people familiar with the matter.
The Hong Kong-based company is winding down its books in European power and natural gas, with traders and support staff leaving the company, said the people, who asked not to be identified because Noble hasn’t made a public announcement. Noble employs between 10 and 20 people in London trading natural gas and power, including support staff.