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US-based Tricon purchasing Noble Group's petrochemical business

Houston — Tricon Energy has agreed to purchase Noble Group's petrochemicals business, with the deal expected to close within the next 60 days, according to statements Monday from the two companies.

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Under the $10.1 million deal, Tricon will assume an offtake agreement from an undisclosed national petrochemicals company and take on the benefit and burden of certain loan-related contracts, Noble said in a statement.

The move comes as Hong Kong-headquartered Noble looks to focus its resources on its hard commodities, freight and LNG businesses, with the petrochemical side no longer considered part of its core business.

Noble is undergoing a restructuring plan as it faces significant debt repayments following losses of nearly $5 billion in 2017, the company announced earlier this month. The company's full-year financial report will be released later this week.

For Tricon, the Houston-based trading firm plans to extend its global position in key petrochemical markets, including polymers.

"We are effectively scaling the Tricon model with the completion of this acquisition," CEO Chris Wendel said. "This extends the range of services we offer to our counterparties and expands our global position."

Noble began its petrochemicals business in 2007. The company will not be allowed to participate in physical or paper trading of polypropylene, polyethylene, ethylene or propylene for two years from the date of the sale's completion, under terms of the agreement.

--Chris Ferrell, christopher.ferrell@spglobal.com
--Edited by Lisa Miller, lisa.miller@spglobal.com