Palm Springs

nobleworld 

Issue 21/2008 

A newsletter for employees of noble group 

Making 

our mark 

Noble leverages 

India’s huge potential 

NOBLE BRIEFS 

Soaring results Fueling growth School’s in 

Noble posted record 

results in Q3 with net 

profits surging 187 

percent to US$438 

million. Gross profits 

were up 117 percent 

to $1.15 billion and 

revenues were up 87 

percent to $29.3 billion. 

Construction of a liquid 

bulk fuel terminal in 

Itaqui, Brazil began 

in October. The port 

features deep drafts for 

larger vessels and is in a 

prime location to extend 

Noble’s growth in the 

Brazil market. 

In just six short months, 

Noble has helped 

fully rebuild the school 

in Liangping, China 

that had been destroyed 

in the 12 May quake. 

Teachers and students 

returned to their classes 

in November. 

Joining the Clinton 

Global Initiative - p.14 

BRUNO MORANDI/GETTY IMAGES

CEO’S DESK 

This has 

always been 

a Noble 

trademark: 

we work 

harder and 

we work 

smarter. 

2 nobleworld issue 21/2008 

Extraordinary times 

How quickly things change. In the previous issue, I spoke about tightening 

our belt ahead of rougher times. Well, these rough times arrived and I 

think everyone will agree they came much faster and much more seriously 

than most people anticipated. 

And I’m afraid it is only the beginning. This difficult period is not a 30-day 

wonder. The days, months and - most probably - the year ahead will be crucial to 

cement the continued success of Noble. 

Noble is not immune, we are very much part of the world economy. While we 

continue to do well, there is no doubt that we have to adapt to fast changing market 

conditions and more than ever, we will have to remain prudent and flexible. 

On the other hand, there is no reason to panic. Our strategy has positioned 

the company towards building a long-term sustainable business, and our diversified 

operations have become key strategic and operational strengths. Despite the market 

doom and gloom, Noble is well positioned to capture market share and grow its business. 

These are extraordinary times. And extraordinary times call for extraordinary 

abilities and actions. We have demonstrated in the past that we possess such abilities. 

The one thing we can do... no, the one thing we must do is to be better than the others. 

I have said so many times before but it is worth repeating: there are no shortcuts or 

magic formulas to business success. Just as when times are good, it is important to keep 

our feet on the ground and pay attention to details. Every deal must be done right. 

This has always been a Noble trademark: we work harder and we work smarter. 

Finally, as the holidays approach, I want to thank everyone for the hard work 

you’ve put in over the past year. From our plants in South America to offices in Asia to 

facilities in the Middle East, everyone has contributed to what is proving to be another 

banner year for us. You have shown that even when times are tough, we can still 

succeed by sticking to our values. To everyone at Noble, I wish you and your families all 

the best for the coming year. Happy holidays. 

Richard S. Elman 

CEO

COVER STORY 

Ramping 

up India 

With plenty of untapped 

potential, Noble takes focus 

on the subcontinent 

The mention of India evokes a variety of images in one’s 

mind: the Taj Mahal, IT offices, steel conglomerates, 

spicy curries and the bright colours of Rajasthan. But 

also a lagging infrastructure and inefficiencies that hamper 

faster development. While this creates challenges for doing 

business in India, it also offers immense opportunity - because 

even with weak infrastructure, India has one of the highest 

GDP growth rates in the world. 

“There are two sides to the coin: the challenges we face are 

also the opportunities for us to find new sources of business,” 

says Urmila Shah, Noble’s Chief Financial Officer in India. 

■ Chennai is an 

important port 

for Iron Ore. 

issue 21/2008 nobleworld 3

COVER STORY 

Coke trade 

from India 

(to Europe) 

is at least 

15 percent 

cheaper 

compared 

to China. 


■ From mine to plant, our supply chain covers it all. 

“For example, infrastructure has been a 

challenge but a lot of work has been happening 

to improve it and it is an opportunity 

for us to expand into new areas such 

as warehousing.” 

It is this positive outlook, coupled with a 

long history of operating in the country, that 

has made Noble a leader in India. From its 

newly opened office in Delhi, Noble oversees 

operations throughout the subcontinent 

that include Iron Ore, Carbon Credits, Coal 

and Coke, Grains and Chemicals Divisions. 

Fleet Management Ltd. (FML) also has 

a major presence, with India serving as 

the source and training ground for a large 

majority of FML’s ship crews. 

The early view 

Work in India began as soon as Noble 

did. Together with China, India formed 

the foundation of Noble’s earliest business 

and has continued to expand with the 

company. India initially served as a key 

exporter for the steel industry including 

coal, chrome ore and manganese ore. As 

the business grew, logistics began to play 

an increasingly prominent role says Vice 

Chairman Harry Banga. 

“Logistics between China and India 

was important for our business, so the 

next step was starting ship management 

in India,” says Banga. “First, we started 

setting up offices for FML and then 

commercial offices followed as the 

business expanded.” 

Since the first FML office opened in 

Mumbai in 1996, India has become the 

primary source for new ship crews. More 

than 70 percent of crew members come 

from India, and all crews make use of the 

advanced training centre located in Navi 

Mumbai (see sidebar page 7). Additionally,

■ The Delhi office gathers for the Diwali festival, also known as the “Festival of Lights”. 

much of FML’s management and support 

operations are directed from its eight offices 

across India. And it isn’t just FML that has 

seen such rapid expansion. 

The energy business has seen 

exceptional growth, particularly over the 

past two years with the expansion of the 

Coal and Coke Division. After China 

increased the export duty on coke from five 

to 40 percent, India has become the country 

of choice for coke says Ajay Mishra, Senior 

Vice President – Noble Energy Carbon. 

“Coke trade from India (to Europe) is at 

least 15 percent cheaper compared to China, 

giving us a competitive edge to convert coal 

to coke in India,” he says. “Noble predicted 

the availability problem from China and in 

the last two years has established strategic tie 

ups with Indian coke plants.” 

Through its partnerships with two 

plants in India, Noble is on track to produce 

up to 500,000 tonnes of coke in 2008, rising 

to one million tonnes in 2009. Mishra says 

that this reflects Noble’s strong positioning 

in the Indian market. In addition to its 

exports to Brazil and Europe, Noble has 

become a leading coke supplier within India 

and is the biggest supplier for Tata Steel. 

Opening the flow 

When Noble first began its grain business 

in India in 2001, the trade flows were 

very different than they are today says 

Viswanath Kasi, Regional Director for 

crushing and sourcing. Oil and oilseed 

were but a small portion of the overall 

business, but with the acquisition of two 

crushing plants in 2004, through a local 

joint venture, they began to grow rapidly. 

“Last year we were the largest 

container meal exporter in India,” explains 

Kasi. “Logistically we are very well 

positioned. One of our plants sits right 

on the railway to move the meal to the 

container port, the other plant does bulk 

loading for another port – it’s a complete 

supply chain.” 

Wheat and other grains have also been 

built up in the past two years, with Noble 

buying directly from farmers in northern 

India. After the grain is stocked, cleaned 

and graded, it is shipped to millers in the 

south, creating another full supply chain 

says Kasi. 

The third business in grains is edible 

oil, and the India business relies on the 

Noble global pipeline to supply its needs. 

Combined with the grains and oilseed 

operations, the Grain division exports 

upwards of 500,000 tonnes of products a 

year – which Kasi notes is an impressive 

amount when considering the tough 

regulatory policies of the government. 

An even newer business for Noble 

India is Cotton, which began trading only 

last year but made big waves in the market. 

In addition to buying 120,000 metric 

tonnes, 9 percent, of total cotton exports 

for the 2007-08 season, Noble was the first 

international company to buy directly from 

ginning and pressing facilities - giving 

Noble control of the entire supply chain 

says Shah. 

After taking over the number two 

spot from the United States in cotton 

production, India’s opportunities are only 

increasing and Noble is already taking 

steps to boost its business by entering the 


COVER STORY 

Extending 

the network 

Keeping on top of all our 

business interests 

Indore 

- Office 

Ahmedabad 

- Office 

Ghandidham 

- Office 

Mumbai 

- Office 

Akola 

- Plant 

Goa 

- Office 

Cochin 

- Office 

domestic market for the 2008-09 season. 

With more than 1,700 textile mills and 

35 million people employed in the textile 

industry, the domestic business promises to 

be a rich market for expansion. 

At the top 

“Petrochemicals are booming in India,” 

says Ashish Tawakley, Managing Director 

- Chemicals. “And with sales of 300,000 

tonnes per year, Noble is the largest 

distributor in the country.” 

Though it is barely a year and a half 

old, the Chemical Division has seen 

robust growth since it was brought into 

Noble’s business in June 2007. Growth 

rates of over 20 percent have been the 

norm says Tawakley, with the demand 

for higher quality, specialized products 

going up. Core products imported and 


I N D I A 

Kota 

- Plant 

New Delhi 

- Head Office 

Lucknow 

- Office 

sold include methanol, styrene monomer 

and acetone. 

One of the strengths of the division 

is its strong sales network, which keeps 

up demand. Typically, more than 60 

percent of a shipment will be sold by the 

time it is brought in, reducing volatility 

and risk. 

But the biggest business for Noble in 

India is iron ore. Noble was a pioneer in the 

trade between India and China and now 

holds a full 20 percent share of the market. 

As the single largest buyer of Indian iron 

ore, Noble operates three offices around 

India to manage the business. 

“Our three offices in Goa, Bangalore 

and Bhubaneshwar are strategically 

positioned in each of the iron ore procuring 

regions of the country,” says Anuraag 

Bhatnagar, Executive Vice President, 

INDIA 

Map detail 

Patna 

- Office 

Kolkata 

- Office 

Bhubaneshwar 

- Office 

Vishakapatnam 

- Office 

Bangalore 

- Office 

Chennai 

- Office and port 

Iron Ore. “We’ve also been investing in 

railway rakes so that we can transport two 

trainloads of iron ore at once.” 

Developing a nation 

With an extensive network of offices across 

the country, Noble has developed a strong 

name for itself among both domestic 

and multinational players in India. This 

reputation has made Noble a top choice 

among buyers who have come to depend on 

quality product and performance efficiency. 

Since the Carbon Credits business 

was launched in 2005, India has been 

the biggest and most successful sourcing 

market. Noble currently purchases in excess 

of five million tonnes of carbon credits 

each year for its customers. An extensive 

network helps develop new projects that 

range from efficiency improvements in the

All hands on deck 

With more than 5,000 crew 

members under its management at 

any given time, Fleet Management 

Ltd. must ensure that everyone has 

the required skills and knowledge 

to run a tight ship. In order to 

ensure consistent quality among 

its crews, FML has set up a stateof-the-art 

training centre in Navi 

Mumbai. It houses several advanced 

ship deck training simulators that 

give crews the opportunity to train 

in a realistic environment and hone 

their skills before setting sail. 

steel industry to renewable power sources 

such as wind and biomass. 

“It’s a win-win for both Noble and the 

companies we source from – and also the 

local communities who see improvements 

in air quality,” says Thorsten Ansorg, 

Managing Director and Global Division 

Head for Carbon Credits. 

Noble’s long experience in India 

gives it an advantage in dealing with the 

often unpredictable nature of government 

policies and their effect on trade flows says 

Banga: “When you know the country it 

gives you the edge over the competition 

who don’t know it or don’t know how to 

handle it.” 

Though Noble’s business in India has 

been growing for many years now – and 

at a particularly rapid pace in the past 

two – there is still much more potential. 

“We offer numerous short-term 

courses for our crews,” says Kishore 

Rajvanshy, Managing Director for 

FML. “From ship handling courses 

for deck officers to automation 

and hydraulic courses for senior 

and junior engineers, we have more 

than 50 courses.” 

Ranging in length from two 

to ten days, the courses are 

designed to bring all crew up to 

speed on best practices. Each 

rank has a set number of required 

courses that must be completed 

Building on recent investments into 

logistics, including more ships and port 

terminals to increase throughput, Noble 

is looking to further grow its iron ore 

business by expanding into mining and the 

steel sector says Banga. 

New port-based facilities may also be 

added in the near future to provide more 

opportunities for the Grains business, 

according to Kasi. Such facilities could also 

be used to create synergies with the Iron 

Ore and Coal and Coke businesses, further 

boosting their operations. 

Banga concluded: “India is one of 

the fastest growing markets – irrespective 

of the hiccups in the world’s financial 

markets. Its development is way behind 

so the potential is huge and I’m quite 

sure than Noble will play a big part in 

developing this potential.” ■ 

■ Developing skilled crew can take many 

years, FML’s training centre represents 

Noble’s committment to investing in its 

people for long-term growth. 

as well as other suggested 

courses to further expand their 

skill sets. Upon completion of 

the courses, crewmembers are 

awarded internationally recognized 

certifications that are backed by 

the Indian government. 

“In addition to coming to our 

offices and taking the computerbased 

courses, crews can also 

access them while onboard their 

vessels. This system is quite advanced 

and has won several industry 

accolades,” Rajvanshy says. ■ 

Noble extends its condolences to 

all those affected by the recent 

terrorist attack in Mumbai. Our 

thoughts and best wishes go out 

to the victims and their families 

during this difficult time. 


FEATURE GMM PALM SPRINGS 

GMM Palm Sprin 

Focusing on the rest of the world, the 

message from APAC still resonated 

As managers and directors from 

the Americas, Europe and Africa 

gathered in Palm Springs for 

the second part of this year’s Global 

Management Meeting, the message 

delivered at the Macau meeting was 

reinforced – Noble must tighten up its 

operations, focus on impeccable execution 

and smart, efficient planning. 

In the six weeks between the two 

meetings, the global economic situation 

has increased its bearish momentum. 

However, while this poses challenges for 

doing business, the foundations of Noble 

– our proven pipeline strategy, strong 

fundamentals, and, most importantly, our 

people – are what will guide us through 

successfully. The Palm Springs meeting 

focused on Noble’s operations in the 

Americas, Europe and Africa, with an eye 

towards developing synergies within and 

between these markets. 


Speaking before the assembly, CEO 

Richard Elman reiterated his message of 

immaculate execution. Just shaving costs 

here and there won’t cut it. It takes hard 

work from everyone at Noble to make the 

business run efficiently and effectively. 

But ensuring Noble’s continued 

growth means that even as we take steps to 

tighten up our operations in the shortterm, 

we must also keep an eye on the 

long-term goals that will keep our business 

strong. Because our businesses are part of 

the earth – literally – we must act as good 

stewards of the environment. 

Lester Brown from the Earth Policy 

Institute delivered the Palm Springs’s 

keynote. Titled “Mobilising to Save 

Civilisation – Plan B 3.0” and drawing 

from his recently published book, Brown 

explained the urgent need to save our 

planet, which is already straining under 

rising temperatures, unsustainable 

population growth, increasing levels of 

poverty and a damaged ecosystem. 

“It is decision time,” says Brown. 

“Like earlier civilizations that got into 

environmental trouble, we have to make a 

choice. We can stay with business as usual 

and watch our economy decline and our 

civilization unravel, or we can adopt Plan 

B and be the generation that mobilizes to 

save civilization. Our generation will make 

the decision, but it will affect life on earth 

for all generations to come.”

gs 

Brown discussed the far-reaching 

effects that climate change will have on 

our planet if action is not taken to reverse 

current trends. One such change is the 

early melting of mountain glaciers in 

China and India. These glaciers, on the 

Tibet-Qinghai Plateau, are the primary 

source of dry season flow for rivers such as 

the Ganges and the Yangtze. 

But with warmer winter temperatures, 

these glaciers are melting faster and by 2060 

two-thirds of them could be gone – cutting 

off water for large parts of China and India 

during the driest months and crippling 

agriculture. This would affect hundreds of 

millions who rely on these glacier-fed rivers 

for water to irrigate their crops. 

The keynote served as a reminder 

of the importance of taking action at 

corporate level to ensure the health of our 

planet. Noble has shown its commitment 

through its Carbon Neutral Initiative 

and membership in the Clinton Global 

Initiative (see related story page 14). 

Our 

generation 

will make 

the decision, 

but it will 

affect life on 

earth for all 

generations 

to come. 

■ Whether in the meeting hall, on the courts or over 

drinks, the Palm Springs meeting provided a good 

environment to share ideas and strategies. 

In addition to panel discussions on 

the various regions represented at the 

meeting (see sidebar p10), participants also 

heard from Chairman David Eldon who 

stressed the importance of maintaining 

the Noble values and increasing the 

synergies between divisions. By pulling 

together, sharing strategies and ideas with 

colleagues, and sticking to our Noble 

values we will emerge from the current 

economic turmoil stronger and even better 

positioned to take Noble to new heights. ■ 


FEATURE GMM PALM SPRINGS 

Regions in focus 

ARGENTINA, PARAGUAY 

AND URUGUAY 

A solid network of facilities in 

these countries has helped Noble 

build a strong business in grains 

and oilseeds, bulk and liquid 

fertilizer, bulk transportation, 

and contract farming. With room 

to expand, Noble has many 

opportunities to develop existing 

businesses and also extend into 

new ones such as sugar and 

ethanol – developing synergies 

with those businesses in Brazil. 

Looking ahead, the panel 

discussed the opportunities for 

local talent development and 

further acquisitions to boost 

Noble’s assets. Operations in 

these countries can also serve as a 

launch pad for further expansion in 

South America. 

BRAZIL 

In recent years, Noble has entered 

into several new businesses in 


Brazil, including sugar and ethanol, 

and has quickly taken a leadership 

position by focusing on organic 

business development as well as 

acquisitions, which are used as a 

platform for further growth. Noble 

has also invested into internal 

talent development through 

trainees and interns. 

With our recent expansion 

and asset growth, the discussion 

centered on risk management, 

unifying logistics and streamlining 

back-office operations to achieve 

better synergies and efficiency. 

EUROPE AND AFRICA 

Strong growth, particularly in 

grains and oilseeds, has seen 

Noble become a major player in 

these markets. Capitalising on 

its position, Noble is looking to 

expand by taking advantage of 

cheaper assets and opportunities 

to increase market share. Synergies 

between divisions, particularly 

■ The panel 

discussions 

provided a 

forum for 

managers 

from different 

regions and 

divisions to 

share their 

experiences 

and insights. 

Grain and Clean Fuels, will also be 

strengthened. 

By properly managing risks in 

the various countries of Eastern 

Europe and Africa, Noble sees 

many opportunities for growth. 

UNITED STATES 

As the focal point of the 

current economic crisis, many 

businesses in the United States 

have seen a severe downturn. 

However, there are opportunities 

for those, like Noble, who keep 

a clear head and take a long 

view. The panel reviewed various 

opportunities for investment 

in the US market, in order to 

strengthen Noble’s business. 

Understanding the economic 

situation and and the opportunities 

it brings are critical. Layoffs in other 

sectors have created a fresh pool 

of talent and lowered acquisition 

costs. Noble will remain watchful of 

all change in opportunities. ■

FEATURE TRAINEES 

Training 

our crew 

Noble’s trainees prove themselves to be a valuable resource 

When your business is growing 

as fast as ours, there is always 

a steady stream of new faces at 

the office. Whether you spend your days in 

the Hong Kong head office or at a port in 

Argentina, odds are you’ve seen a new face 

at Noble in the not too distant past. But 

where do they come from? The answer: 

pretty much everywhere. 

Argentina, Ukraine, China, France, 

Brazil – these are just a sampling of the 

14 different countries represented in this 

year’s International Trainee Programme. 

First begun in 2005, the programme 

has developed into a reliable system 

for identifying and developing the next 

generation of Noble professionals 

and managers. 

“We look to build a candidate 

pool that is multilingual with diverse 

backgrounds and experiences,” says Maria 


FEATURE TRAINEES 

■ Noble’s trainee programme is a key part of our strategy to develop the best talent for future growth. 

Campos, HR Manager. 

This year’s 26-person class began in 

mid-September with an intense, two-week 

induction at the Hong Kong headquarters. 

They were given an introduction to Noble’s 

many businesses around the world and the 

various support functions by the heads of 

the respective departments. This broad 

overview is their first induction into Noble 

and serves as basis for each trainee to then 

build on during their rotation and on-the 

job training. 

“At so many companies you just learn 

one thing and that’s all. But during those 

first days in Hong Kong you get insights 

into every division of the company,” says 

Monica Bishop, trainee with Clean Fuels 

in the United States but currently rotating 

through Carbon Credits in Germany. “It 

really broadens your knowledge and gives 

a good overview of everything, to see the 

synergies between different divisions.” 

The induction ended with a chance 


for all the trainees to meet with and hear 

from Noble’s CEO and Executive Board. 

This provides them the opportunity to 

hear about Noble’s overarching strategy 

and the expectations senior management 

has from them. 

Since the programme first started, it 

has evolved to meet the changing needs of 

the company and to improve the experience 

and learning opportunities for trainees. 

At its inception, trainees were hired into 

a Corporate trainee pool and deployed to 

various locations and divisions according 

to need. While this provided ample 

opportunity for trainees to rotate within 

several businesses and learn about the many 

facets to Noble’s operations, the rotations 

- four then six months long - meant that 

trainees were sometimes whisked to their 

new rotation before they fully understood 

the business in their current one. 

Today, trainees are hired directly by the 

divisions, and typically will have only one 

six-month rotation during the programme. 

At the end of this rotation, trainees return 

to the division that hired them to continue 

their training there, having had exposure to 

another business or function. The rotations 

mainly expose trainees to businesses or 

functions that are complemetary to those 

they were hired into, providing them an 

additional perspective. 

This year there was an added bonus 

at the end of the induction, with some of 

the previous trainee alumni returning to 

share their experiences from the programme 

and the jobs they have taken on since. In 

addition to giving valuable insights into 

how to succeed in the programme, it was a 

good opportunity for networking with their 

future colleagues. 

Eduardo Nieto del Rio is one of this 

year’s incoming trainees, assigned to Coal 

and Coke in Indonesia. He says that the 

contacts made with trainees, alumni and 

employees in other divisions are invaluable

1. Rodrigo Duda 2. Eduardo Nieto del Rio 3. Swapnil Shendre 

4. Lei Zhong 5. Aditya Gupta 6. Minas Siskos 7. Frederic 

Darmaguac 8. Diego Heyse 9. Laurent Toinet 10. Lawrence 

Cohen 11. Uri Halfon 12. Leonid Bilyi 13. Roy Bercovitz 

14. Laurence Grand-Clement 15. Aurelie Coiral 16. Evan Alexander 

17. Vivek Salgaocar 18. Howard Jeandenis 19. Brian Xie 

20. Gu Leilei 21. Florencia Martinez Molteni 22. Faye Wong 

23. Monica Bishop 24. Basit Starr 25. Oscar Martinez 

26. Cecilia Li (not in photo) 

and really help as you start to work. This 

networking among colleagues is one of 

the keys to success in the programme, and 

one of the most frequent suggestions from 

alumni was for trainees to be inquisitive. 

“Ask as many questions as possible and 

contribute whatever details you can,” says 

Brian Duncan, Trader for Noble Energy 

in Indonesia and a member of the 2005 

trainee class. 

“Spending time in various countries 

and learning about different cultures and 

the intricacies of doing business was great,” 

he added. 

Herbert Sun, trader Noble Steel, joined 

as a trainee in 2007 and agreed that the best 

part of the programme was the opportunity 

to talk with people from every facet of Noble’s 

businesses. This “hands-on” experience 

with traders, traffic officers, risk managers, 

and others – including senior management 

– opens up many doors for the trainees. 

Lewis Cerne, trader Clean Fuels 

1 2 3 

– Singapore, experienced this as a trainee 

in 2006. He recalled how during his time 

with Clean Fuels in Stamford, his manager 

took the time to sit down and go over the 

refining process in detail to make sure 

Cerne had a complete understanding. 

Another trader in the office regularly 

volunteered his time to share information 

and contacts, an exchange that continued 

even after Cerne was assigned to the 

Switzerland office on a full-time basis. 

“Everyone was extremely friendly and 

down-to-earth,” Cerne says. “Combined 

with the training in Hong Kong and the 

confidence gained from meeting with the 

directors there, it allowed us to develop our 

skills very quickly.” 

The program also instills a sense 

of Noble’s values by allowing trainees a 

glimpse of how Noble’s partners and others 

hold it in regard. Seeing Noble’s standing 

among its peers impresses upon trainees the 

need to uphold the values that have made 

4 5 

25 

24 

6 

7 8 

9 

10 11 

22 

23 21 

12 13 

20 

14 15 

16 17 

19 

18 

Noble strong. 

“I have had a lot of opportunities 

to speak to suppliers, customers, and 

traders,” Sun says. “It is amazing to see how 

reputable Noble is in the industry.” 

With their varied responsibilities, 

trainees must adapt swiftly, find new ways 

to add value and engage quickly in order 

to succeed says Santiago Mejia, marketing 

manager for Noble Ferroalloys and 2007 

trainee. While certain posts might be more 

challenging commercially, others pose 

cultural challenges. By remaining flexible, 

trainees can ensure that they are prepared 

for and can excel no matter what challenges 

are thrown at them. 

“As a Noble trainee you travel, you 

change your place of residence, you work 

with many different people and you get 

lots of information every day,” says Meike 

Diemer, manager origination & carbon 

neutral and 2007 trainee. “It’s all part of a 

truly great experience.” ■ 


FEATURE 

Committed to help 

At the Hong Kong meeting of the 

Clinton Global Initiative (CGI), 

the first held outside the United 

States, Noble was among the select 

companies that committed to CGI and 

pledged to make a positive contribution 

to our environment. Energy and Climate 

Change is one of three areas of focus 

for CGI and Noble’s carbon neutral 

initiative meshes perfectly with CGI’s 

goal of bringing together leaders from 

around the globe to contribute to 

improving our world. 

“By going carbon neutral, Noble is 

working not only to reduce and offset its 


carbon footprint, but also to raise awareness 

among its employees, partners and 

communities. Together with the CGI, we 

can take the lead to change how businesses 

respond to the challenge of climate 

change,” says CEO Richard Elman. 

Turning ideas into action was the 

goal set by President Bill Clinton when 

he launched CGI in 2005. Since its 

inception, its members have made US$46 

billion worth of commitments that have 

improved the lives of more than 200 

million people. At its annual meetings, 

the world’s top leaders from government, 

private enterprise and non-governmental 

organizations gather to discuss how to 

continue pushing forward with active 

programmes to improve lives for people 

in all parts of the world. 

Taking decisive action is not a new 

concept for Noble, our success is built on 

it. Our commitment to going carbon neutral 

is no different. As explained in our 

carbon neutrality booklet, we recognize 

the challenges that we all face and are 

already taking action. We reported in the 

last issue of NobleWorld the successful 

offsetting of emissions from Noble’s beneficiary 

ships, Hong Kong headquarters 

and Carbon Credits group. Since then,

Noble joins the Clinton 

Global Initiative to 

fight climate change 

the necessary calculations and offsets have 

been purchased to extend carbon neutral 

status to Noble’s main trading centres in 

Singapore, Lausanne, London, Stamford 

and São Paulo. 

However, while buying carbon credits 

is a start, CGI demands more from its 

members and Noble is committed to 

using its influence with the more than 

4,000 companies that do business with 

us to promote more sustainable practices. 

Our goal is to have a positive impact on 

the lives of Noble’s more than 10,000 

employees, plus another 10,000 people 

through our partner organizations and in 

our surrounding communities. 

Noble is also in a unique position to 

help other CGI members and applicants 

to establish their own carbon neutral 

initiatives through the Carbon Credits 

group. Established in 2005, Carbon 

Credits is now a participant in more 

than 85 emission reduction projects 

across Asia and Latin America. Offering 

certified emission reductions under 

the Kyoto Protocol as well as verified 

emission reductions for voluntary 

programmes, Noble can offer assistance 

to other CGI partners for implementing 

similar carbon neutral initiatives. 

■ CEO Richard Elman 

was greeted by former 

US President Bill Clinton 

on stage at the CGI 

Asia meeting in Hong 

Kong on 2-3 December 

(opposite page). Noble’s 

commitment to CGI 

shows our resolve to 

continue working to 

improve the environment 

in years to come. 

Simple steps to big change 

You can help shrink Noble’s carbon footprint 

• Only print emails if absolutely necessary 

• Review documents on screen rather than on a printout 

• When printing, use both sides of the paper 

• Turn off conference room lights after meetings 

• Unplug, don’t just turn off, all appliances when not in use 

• Enable power-saving features on computers, copiers and printers 

• Set air conditioners at 25-26°C – every degree lower uses ten 

percent more energy 

By joining CGI, Noble has 

the opportunity to not only make a 

difference among its employees and 

partner companies but also among its 

peers in CGI. Joining together with 

the best minds from around the world 

gives us the chance to do even more to 

improve the world around us. Through 

our carbon neutral initiative, we have 

already made a significant improvement 

in our footprint on the earth and with 

all our continued efforts to employ 

environmentally sustainable office 

practices, we will continue to build on 

our success. ■ 


FEATURE 

Finance 

enhanced 

We have recently launched 

Noble’s Commodity 

Enhanced Finance (CEF) 

team, headquartered in Lausanne, 

Switzerland. Marcus Wade, manager 

for CEF, explains that the team is a 

function of the Structured Finance 

division and works alongside other 

Noble teams to coordinate operations. 

“We work closely with the other 

members of the Structured Finance 

team and are able to capitalize on 

their expertise and presence in other 

geographies where we are looking to 

conclude business,” says Wade. 

The CEF team’s objective is to 

provide working capital financing for 

banks and corporates, with a focus on 

emerging markets. This is then turned 

into a trade finance obligation by 

buying and selling Noble trade flows on 

mismatched terms. These obligations 

are 100 percent secured through 

letters of credit that are confirmed and 

discounted by Noble relationship banks. 

“There are also a number of synergies 

with Noble’s treasury business so we are 

careful to coordinate our efforts. We also 

work with traders, traffic and operations 

Looking back on 

looking ahead 


■ Back row from left: Vyacheslav Skudarnov, Aurelien Van Berten, Marcus Wade. Front 

row from left: Svetlana Pudist, Maryam Ghazvini, Susann Nylander. 

globally to gain needed access to trade 

flows,” he added. 

The CEF team is working on ways 

to capitalize on strategic opportunities 

without unnecessary risks. Noting that 

the global financial crisis has had a major 

impact on the business of CEF’s alreadyestablished 

competitors, Wade says that 

the opportunity now exists to gain access 

to their borrowers and offer them the 

In a 2004 interview, Non-executive 

Director Milton Au, who had just finished 

his eight years as Noble’s CFO, said that 

the company had learned its lesson from 

the Asian Financial Crisis in 1997 and 

changed its strategy to cope with similar 

crises in the future. 

“We learned a lot from the crash and 

I think that it could happen again,” he said 

in the interview. “When your business is 

doing well for a long time, all the lessons 

and risk aversion is forgotten. You will 

forget about the check list.” 

This was a prescient insight in 2004 

and represents the strategy that has seen 

Noble develop strong risk management 

service that competitors are no longer able 

to offer. 

“We are investing a significant 

amount of time putting things in place 

for when the market picks up again. 

Although overall transactional volume 

is likely to remain low, the level of 

profitability from each deal will be 

higher as borrowers are prepared to pay 

significant premiums,” he says. ■ 

practices that have kept it strong even as 

the world economy has been shaken in the 

past year. 

One key to keeping the company 

healthy was preventing the business from 

becoming overly reliant on banks. Au said 

that as CFO, he was adamant about not 

leaning too heavily on banks because, “you 

don’t know what they will do one day.” 

Taking a long-term view is a key part 

of Noble’s continued success. By not only 

adapting to current conditions, but looking 

ahead to the challenges and opportunities 

in several years’ time, Noble has built a 

strong business that can handle whatever 

the markets may bring. ■

NOBLE NEWS 

Aiming high 

Citigroup set its a target price for Noble at S$2.92 following the Greater 

China Investor Conference in Macau on 22-24 October. At the 

conference, Noble made a presentation to the assembled audience and 

outlined the state of our business. In the face of a credit crunch, Noble is in a 

strong position to take advantages of new opportunities as competitors are driven 

out of the market. With near-term financing already in place, Noble can weather 

the current economic climate, while still maintaining its business and capitalizing 

on opportunities as they arise. ■ 

Still 

growing 

strong in Q3 

Despite the continued economic 

turmoil, Noble posted another 

quarter of record results with net 

profits surging 187 percent to 

US$438 million. Gross profits 

were up 117 percent to $1.15 

billion and revenues were up 87 

percent to $29.3 billion. This 

robust growth in the face of shaky 

global markets is a direct result 

of Noble’s constant focus on 

immaculate execution. 

“The conditions that we 

managed our way through over 

the summer and into the autumn 

are only an extreme version 

of what we always manage 

- namely, volatility, credit and 

counterparty risk and the need 

to fund ourselves prudently,” says 

Chairman David Eldon. ■ 

Moody’s Investors Service said it will 

maintain its Ba1 rating for Noble’s 

corporate family and senior unsecured 

bond ratings in light of the company’s 

stable outlook. This affirmation of Noble’s 

solid position comes following the release 

of the Q3 results. 

“Noble is in a healthy liquidity 

position and it has good financial 

flexibility to support its ongoing financial 

requirements,” said Elizabeth Allen, a 

Moody’s Vice-President 

and Senior Credit Officer. 

Staying 

strong 

JP Morgan released a report in October 

that says Noble’s business remains strong 

despite recent troubles on the Singapore 

exchange. It pointed to the collapse of the 

Baltic Dry Index (BDI), which caused the 

charter default of a third-party company, 

as one of the reasons for the shaky 

performance of Noble’s stock price. 

“We believe Noble’s share price 

correlation with the BDI is partly due 

to this kind of third-party exposure 

to the dry bulk business,” said the JP 

Morgan report. 

The report went on to say that 

despite this correlation, the actual impact 

on Noble’s operating profit would be 

minimal and that the key indicator 

for investors to watch was Noble’s Q3 

earnings report. ■ 

Bonds, stable bonds 

Moody’s cited Noble’s US$1.2 

billion revolving credit facility, its 

uncommitted debt and trade facilities 

with over 40 banks, and less need for 

working capital with the decline in 

commodity prices as reasons for Noble’s 

sound liquidity position. ■ 


NOBLE NEWS 

■ The newly named Noble Primary School welcomed back its 

students including Gao Ya Qian (right) who was injured in the 

quake (right inset) and Wang Bin who was greeted by Global HR 

Director Lelia Konyn (below right). 

Noble Liangping 

school opens 

Six months to the day following the terrible earthquake 

that shook China’s southwest, there was yet another 

sign of hope for survivors looking to rebuild their homes 

and their lives. Noble Primary School in Liangping County, 

Chongqing Municipality was inaugurated on 12 November and 

opened its door to 2,000 students. 

Moved by the scale of the tragedy last May, Noble pledged 

RMB3.5 million towards rebuilding the destroyed school, and 

Noble employees donated another RMB800,000 to be used for 

construction of a playground, lab/library, and computer equipment. 

The newly finished school, built to withstand earthquakes of 

up to magnitude six on the Richter scale, was named in honour 

of Noble for its generous support in the rebuilding project and 

representatives from Noble and the local government were in 

attendance at the opening ceremony. A student from the school 

who was injured in the quake, Gao Ya Qian, performed the 

ribbon cutting to officially open the school. 

Also present was Wang Bin, the young student who lost 


her right arm when the building collapsed. Thanks in part 

to the physiotherapy sessions sponsored by Noble, she is 

recovering well and was all smiles at the event, surrounded 

again by her friends and classmates. Best wishes to Wang, Gao 

and all the students in Liangping as they resume their studies at 

the new Noble Primary School. ■

■ With Noble’s support, 20 homes are already complete with ten more under contruction. 

Bambi’s legacy 

The spirit of our beloved friend Vicente “Bambi” Del Castillo lives on in the Bambi 

del Castillo GK Legacy Village in the Philippines. With Noble’s donation, 

20 houses have already been completed, a big step in charity Gawad Kalinga’s 

initiative to tackle poverty and raise living standards for the poorest people in the country. 

It is not only our honour, but duty, to help realise Bambi’s dream and provide a boost to 

those who are less well off than ourselves. ■ 

■ Supporters joined with Noble’s record-breaking team to celebrate their success. 

Trailblazing success 

A seven-year Noble record came asunder in the recent 100km Oxfam Trailwalker 

event in Hong Kong. The record-breaking team of Hugo Cheung, Eric Li, Desikan 

Bhoovarahan and Tammy Tam stormed through the hills to finish in a landmark 27 

hours and 25 minutes. Well done! Let’s see who can take the record next year... The 

event has been running since 1986, raising more than HK$220 million for Oxfam’s 

poverty alleviation and emergency relief projects. ■ 

OBITUARY 

Mircea Voiculescu 

October 1954 - October 2008 

Mircea Voiculescu’s friends and 

colleagues knew him as a good man 

with a strong sense of loyalty. He was 

an important part of the Chemicals 

business in Romania. After a brave, 

four-year battle with cancer, he grew 

increasingly ill in October. May he 

rest in peace and his family find the 

courage to overcome this loss. We 

extend our heartfelt condolences to 

the Voiculescu family. ■ 


A spirited day 

Less than perfect weather couldn’t suppress the high 

spirits of employees from Noble Argentina as they 

gathered for the annual Noble Day on 28 November. 

The Mar de las Pampas beach, in southern Buenos 

Aires province, may not have been sunny but much fun 

was had by all as everyone from the port, plant and central 

offices gathered for a day of team building events. From 

volleyball to horseback riding, it was a day to remember and 

everyone is already looking forward to next year’s event! ■ 

Sharing our ‘stashe 

The clean cut looks of many members 

of the Singapore Coal team disappeared 

under ever larger mustaches during 

November to raise money for men’s 

cancer. Movember, a portmanteau 

of “mustache” and “November”, is a 

worldwide event that challenges men to 

grow out mustaches to build awareness 

about men’s health issues. While that 

extra facial hair might have been a bit 

scratchy, it had a smooth result - netting 

S$3,300 for a worthy cause. ■ 

■ From goatees to fu manchu style – these faces went unshaved for a good cause. 


NOBLE NEWS 

Emerging forms 

In June, Noble Executive Vice 

President for Polymers Chris Hogan 

said that the biggest issue in China’s 

plastic industry at present is the 

lack of liquidity. In an interview at 

Townsend’s Emerging Markets in the 

Plastics Industry (TEMPI) conference 

in Las Vegas, US, he said that it 

is difficult to pass rising costs down 

the supply chain because buyers are 

using on specific credit terms. 

Hogan says that new capacity 

in the Middle East will probably 

not have a huge effect on China 

because Middle Eastern producers 

will diversify and act responsibly in 

marketing their resin. However, he 

does expect a rough time for China 

in 2010 to 2012, when new capacity 

there will come on line faster than 

the market’s projected 3-4 percent 

growth rate. 

“It’s going to get rough out 

there for a couple years, but after 

that the fundamentals are there 

for a strong market with a healthy 

balance between domestic supply 

and foreign imports.” ■ 


■ A strong turn out made Noble’s mark on this year’s charity run. 

Lion takes on Bull 

Noble employees in the Lion City took off 

their dress shoes and put on sneakers for 

the recent Singapore Bull Charge charity 

run. With last year’s event such a success, 

Flood 

of relief 

With recent floods in the 

Indian state of Bihar 

displacing more than 

two million people, Noble has 

stepped in to help the people whose 

lives have been devastated by the 

tragedy, donating US$10,000 to 

humanitarian efforts. Flood waters 

have subsided but local residents’ 

lives have been irreversibly changed. 

Our funds contribute to providing 

temporary accommodation and 

food rations to those who were left 

without a home. ■ 

Noble upped the ante with one of liveliest 

and largest contingents ever put together. 

Thanks to everyone who participated and 

helped raise money for a charitable cause. ■

Go speed racer 

Noble once again revved up engines on the race circuit with a sponsorship at this year’s 

Formula 1 Singapore Grand Prix. Noble has a longstanding history of supporting 

auto racing, and this year the SingTel Singapore Grand Prix boasts the added prestige 

of being awarded the title of worldwide Motor Sport Facility of the Year. The state-of-the-art 

track features revolutionary lighting that highlights the way the course weaves through the 

heart of the city. With the increasingly high profile for the competition, Noble is proud to 

offer its continuing support to this exciting event. ■ 

Making waves in Japan 

On 12 September Noble Japan (formerly Andre Far East) held a party to celebrate its 

official name change and to kick off a weekend of teambuilding events. A handful of 

Noble executives joined the 130-strong staff at a resort in the countryside that boasted 

spectacular views of Mt. Fuji. But there was little time to sightsee on Saturday, as 

everyone broke into teams to build rafts out of nothing more than barrels, logs and rope 

and then raced the rafts around the lake. Smiling but exhausted, everyone retired inside 

for dinner and a presentation by Global HR Director Lelia Konyn on Noble values. 

The next day saw the group split, some for golfing and others for sightseeing, but 

everyone was keen to enjoy a dip in the onsen, or “hot springs”. Everyone came away 

from the weekend relaxed yet energized for the work ahead as Noble Japan works to 

expands it operations in ethanol and clean oil. ■ 


Filling up 

the tanks 

Following the initial announcement 

on 8 July, Noble is pleased to report 

that Noble Netherlands and H.E.S. 

Beheer N.V. HES have now closed 

on their acquisition of shares in 

Maas Silo B.V. Noble and HES 

each hold 50 percent of Maas Silo 

and have agreed on the terms of a 

joint venture to operate Maas Silo. 

Plans are being developed for an 

expansion of existing activities in 

tank storage together with entry 

into the market for stevedoring of 

mineral oils and chemicals. The 

location in the Botlek area, with a 

420 metre deep water unloading pier 

(13.6 metres draft), is ideally suited 

for handling liquid bulk products by 

ship, inland shipping tankers, tank 

trucks or tank containers. ■ 

■ It was a fun weekend for all with a 

variety of events to satisfy every guest.

Bern baby, Bern! 

For 115 participants from Noble’s 

Lausanne and other European 

offices, this year’s team building 

event was an action packed weekend in 

the Swiss capital. 

The festivities kicked off with 

welcome drinks and dinner, as everyone 

enjoyed the Bern nightlife (some into 

Swiss family 

adventures 

It was a hot and glorious day for 

participants at Noble Lausanne’s family 

day event on 30 August, as staff and 

their families came together to take part 

in a traditional Swiss lunch and a scenic 

outdoor stroll. Passing through the 

‘Gorges de la Jogne’, the team trekked a 

forest path following the course of the 

River Jogne up to the Montsalvens dam. 

Along the way they passed by old wooden 

bridges and tunnels cutting through the 

rocky gorges, making for a breathtaking, 

family-friendly adventure through this 

beautiful natural landmark. ■ 

the early hours of the morning!). 

Following a Yoga session on Saturday 

morning (during which participants 

learned an Indian smile technique), 

attendees watched a presentation on the 

topic of “change” by Lelia Konyn via 

Video conference from Hong Kong. 

In the afternoon, groups split up 

■ Precise teamwork 

was needed to win 

the day. 

■ Enjoying the company of colleagues in scenic Hangzhou. 

Hanging out in Hangzhou 

for a city treasure hunt 

and the evening featured 

live jazz music and awards for the 

treasure hunt winners. The weekend 

teambuilding session capped off with 

a trip to Gurten Park, a hill near Bern, 

where blue skies offered magnificent 

views of the Bernese Alpes. ■ 

In October, around 100 Noble China colleagues got together in Hangzhou, one of 

China’s most beautiful cities, to enjoy some team building time with the big Noble family 

in the region. On the first day, a conference was held to spread business news about each 

division and showcase the new pipeline videos – a great platform to look at Noble China’s 

business from a strategic perspective. 

Team building activities were organized for the second day, and colleagues from 

nine locations mixed into groups to tackle a variety of challenging tasks. All participants 

enjoyed the chance to work together on a level playing field as staff of all ages and 

positions worked together like well-oiled Noble machines. ■ 


NOBLE NEWS 

Feast on knowledge 

Combining the joys of eating 

with thirst for knowledge, 

Noble management in Hong 

Kong held a Lunch & Learn session 

on 20 November led by COO 

Ricardo Leiman. He shared insights 

from the recent Global Management 

Meetings (GMM) held in Macau and 

the United States. The main message 

for attendees was the need to uphold 

the Noble values that have made the 

company strong. In the face of the 

world’s economic turmoil, Noble can 

stay on top only through the continued 

dedication of every one of its 

employees to executing their business 

with absolute precision. The session, 

which garnered positive feedback from 

attendees, covered a range of topics 

including streamlining operations, 

building synergies between divisions 

and investing in talent. ■ 

Calculating carbon 

On 31 October, a Lunch & Learn session 

was held in Hong Kong to provide an 

overview of Noble’s Carbon Neutral Project. 

Presented by Meike Diemer, manager 

origination & carbon neutral, the session 

focused on environmental protection 

and calculating the carbon footprint of 

selected business activities in the Noble 


Group in 2007 to offset CO2 emissions. 

Other speakers included division heads, 

senior managers and traders, making the 

event an easy, yet informative, opportunity 

to find out more about Noble’s various 

businesses and activities, as well as the 

markets, finance and logistics related to 

each business. ■ 

Loco for Cocoa 

Senior Cocoa trader Graham Laird conducted 

a lively and interesting presentation 

on 13 October, entitled “Cocoa – Food 

of the gods”. During the discussion Laird 

provided facts and figures on the historical, 

biological and geographical points of 

interest, and explained how cocoa grows 

and how delicate it can be. Attendees were 

also given a chance to get hands-on as they 

opened a real cocoa fruit to taste the fresh 

cocoa beans (provoking more than a few 

amusing reactions). Laird also brought a 

variety of different roasted beans and demonstrated 

methods of quality checking. ■

NOBLE OFFICES UKRAINE 

Kiev connection 

It was a grand celebration on 6 October 

as Noble’s first Ukraine office was 

opened in Kiev. Employees from Noble’s 

Hong Kong and Europe, Middle East, 

and Asia offices joined with local staff in 

welcoming a host of guests that included 

government officials, industry leaders and 

Noble’s business partners. 

The open-air event was held beside 

the historic St. Sophia Cathedral and 

featured plenty of traditional food 

including roast meat served in a pumpkin, 

and korovai, a specially prepared loaf of 

bread used as a gift for honoured guests. 

Guided tours were offered and the 

Master’s Area, which allowed guests to see 

traditional crafts created by local artisans 

and try their hand at making some art of 

their own, proved to be very popular. 

NOBLE IN ACTION 

Crushing the 

competition 

A brief opening ceremony was held 

during the event to inaugurate the new 

office, which will oversee local operations 

for the Grains Division. 

Noble COO Ricardo Leiman was 

on hand for the event and, along with 

the assembled guests, was treated to a 

performance by the Academic Hrygoryi 

Veryovka Folk Choir, tradition folk 

musicians, and Pikardiyska Tertsia, an 

award-winning men’s sextet. 

Many cheers of “Bud’mo!” went up 

following a toast by Leiman and everyone 

enjoyed a fantastic evening of food and 

fellowship. Afterwards, there was plenty 

of positive feedback from Noble’s guests 

– making for a promising start for the 

office and Noble’s growing operations in 

Ukraine and the Black Sea region. ■ 

POLAND 

ROMANIA 

BULGARIA 

■ Surrounded by Kiev’s 

historic landmarks, 

employees and guests 

enjoyed displays of folk 

culture and a special 

Noble cake in celebration 

of the opening of the 

Ukraine office. 

BELARUS 

Map detail 

U K R A I N E 

■ The games 

were fierce 

as colleagues 

became 

competitors. 

Employees at the Nantong crushing plant took some time out for a company organized ping 

pong tournament to promote sports among the staff. Participants took the competition very 

seriously with no point going untallied. 

The singles champion was Jian Yao, followed by Fanmin Meng and Jun 

Zhang. The Logistics Department took top honours in the team competition with the 

Quality Control Department & Refinery Section taking second place and the Sales 

Department taking third. ■ 

Kiev 

Black Sea 

RUSSIA 


hatched and matched baberos y mieleros fiocchi e confetti noces et gosses 

■ Archontelis Sotircos, Chartering 

Europe, and Efstratia were 

married on 26 July in Greece. 

■ Jorge Hutmacher, Grain 

Argentina, married Veronica on 

2 August. 

■ Ariana was born to Gabriel 

Scabuso, Timbúes, Argentina 

on 12 May. 

■ Winkie Chan, Fleet Hong 

Kong, gave birth to Ho Hoi 

Ching on 22 July. 

■ Connie Westphal, Aluminum 

US, married Christopher 

Sperandeo on 19 September. 

■ Daniel Lam, IT Project Team 

Hong Kong, married Rose Xie 

on 18 Oct 2008. 

■ Vedant was born to Ashish 

Modi, Chemicals India, on 20 

September. 

■ David Jaime was born to 

Iván Jaime, Timbúes, Argentina 

on 7 October. 

■ Rebecca Fung and Vincent Mak, 

both from the Hong Kong office, 

were married 26 September. 

■ Jimmy Zhang, Accounts 

Department Hong Kong, married 

Zhang Heng on 8 August. 

■ Matias Xavier was born 

to Alejandro Karacsonyi, 

Lausanne, on 11 September. 

■ Ethan was born to Anna 

Rodriguez, Aluminium US, on 

23 July. 

CONTACT US 

This magazine is as good as the 

material you send us, so keep the 

stories, photos and anecdotes coming. 

HONG KONG 

Lelia Konyn 

lelia@thisisnoble.com 

Pinky Chan 

pinky@thisisnoble.com 

ARGENTINA 

Gabriela Campoamor 

gabrielacampoamor@noblegrain.com 

BRAZIL 

Raquel Carneiro 

raquelcarneiro@thisisnoble.com 

CHINA 

Jeff Zhai 

jeffzhai@thisisnoble.com 

INDIA 

Smitie Misra 

smitiemisra@thisisnoble.com 

SINGAPORE 

Vasugi Shanmugam 

vasugishanmugam@thisisnoble.com 

SWITZERLAND 

Marcus Seelbach 

marcusseelbach@noblelausanne.com 

Brigitte Whiteside 

bwhiteside@noblelausanne.com 

UNITED KINGDOM 

Tina Busby 

tina@nobleeurope.com 

UNITED STATES 

Daniel Lenhart 

dlenhart@nobleamericas.com 

VIETNAM 

Tran Thi Bao Nguyen 

trannguyen@noblecoffee.com 

Magnum Opus 

Awards 

Honorable Mention: 

Best All Around TÜV Nord Certified: 

Employee Carbon Neutral 

Publication Company 

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Tel +852 2892 1322 

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Noble World is published by 

Eight Custom Media Ltd on 

behalf of Noble Group. All rights 

reserved. This publication may 

not be sold. No part of this 

publication may be otherwise 

reproduced, adapted, performed 

in public or transmitted in any 

form by any process without 

prior authorisation of Noble 

Group. © Noble Group, 2008.

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