Singapore-listed Noble Group has plans to sell its U.S. gas and power business to Mercuria Energy Group for $248 million.
The Asian firm also placed its capital-intensive oil liquids business up for sale. Noble has plans to focus on “hard commodities,” essentially coal.
It will also team up with Mercuria to “explore strategic alliances in Asia.” Noble also revealed plans to offload its oil liquids business and raise up to $1 billion from selling other North American assets.
The transactions are part of the firm’s restructuring plans, as Noble warned investors to expect a $1.8 billion loss in the second quarter.