The size of the planned stake or the amount to be invested by Sinochem has not yet been finalized, and any deal could face scrutiny in China as authorities there try to control capital outflows, sources said.
The appeal of Noble for Sinochem is likely to be access to its global supply chain.
A Sinochem source said the company was still conducting due diligence on Noble, which typically takes six months to a year.
He said the company was looking at Noble’s North America energy trading, which could complement Sinochem’s existing portfolio.
Noble specializes in shipping and storage logistics, rather than owning large production assets or refineries, and is also a major player in gasoline blending in the United States.
Noble is also targeting Asia’s emerging liquefied natural as (LNG) market as a core growth area, while Sinochem is likely to play a key role in China’s plans to expand its natural gas sector to reduce the share of polluting coal in its energy mix.
Access to Noble’s LNG trading network could help with the Chinese plans.
