Noble Group completes €11m Oxyde Chem buy

06 November 2006 08:32  [Source: ICIS news]

SINGAPORE (ICIS news)--Noble Group has completed the purchase of Netherlands-based Oxyde Chemicals for about €11m ($13.98m), the Singapore-listed and Hong Kong based company said on Monday.

The purchase is subject to a further closing date balance sheet adjustment to be agreed within the next 60 days, Noble added. It did not provide further details on the deal.

The commodities group has also ventured into biofuels amid growing interest in the sector as an alternative to highly priced crude oil.

Noble said in October that it was buying two soy processing plants in China and was looking at the biofuels business in that country.

Biodiesel, a diesel-equivalent, processed fuel, is derived from vegetable oils such as palm oil or soy oil.

By: Abdul Hadhi
+65 6780 4359

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