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Vitol is to acquire Hong Kong-based Noble Group for $209m (£163.3m).
The world’s largest oil trader, run by British businessman Russell Hardy, trades more than 7 million barrels a day.
Hardy has overseen stellar results since becoming chief executive in 2018, making more than $28bn (£21.9bn) in profits over the past two years – the most profitable period in the history of commodities trading.
Expansion: Vitol is run by British businessman Russell Hardy and sells more than 7 million barrels a day
Hardy plans to expand its coal and metals trading. By 2023, only 0.25 per cent of its $402bn (£314bn) turnover came from coal.
Noble traded 35 million tonnes of coal last year and is a leader in metals trading.
Coal remains the world’s main source of energy production as Europe slows its transition to clean energy after the war in Ukraine.
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