El Paso exits energy trading

US energy company El Paso Corp announced plans in November that it is to quit the energy trading business, as continued problems in the sector led it to post a third-quarter loss.

El Paso, the biggest natural gas pipeline company in the US, said as it released its quarterly results on November 8 that “substantially diminished business opportunities” and the higher capital costs of trading lay behind its decision to exit the sector. The firm says it will cut around 300 jobs. It had already

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