• Noble to supply Klesch German refinery, replacing Barclays

  • Reuters
    6 May 2015

    Noble Group said on Wednesday it will start supplying crude oil to Klesch Group's Heide refinery in Germany, replacing Barclays as the bank continues to withdraw from commodities trading.

    Klesch awarded the supply contract for its 93,000 barrels per day (bpd) refinery to Barclays in late 2013 in a deal worth hundreds of millions of dollars a month.

    Barclays, along with a handful of major banks, last year pulled out of most of its physical commodities business due to falling profits and increasing regulatory constraints.

    "On May 5, 2015, Klesch Petroleum entered into an agreement with Noble Group whereby Noble will be the supplier of crude oil to Heide Refinery, Germany," Noble said on Wednesday.

    "Noble takes over the role from Barclays, who previously supplied the refinery."