Morgan Stanley MS today announced a definitive agreement to sell
the Global Oil Merchanting unit of its Commodities division to a 100
percent subsidiary of Rosneft Oil Company. Financial terms of the
transaction were not disclosed.
The sale includes a dispersed international network of oil terminal
storage agreements; inventory; physical oil purchase, sale and supply
agreements; equity investments; and freight shipping contracts.
Approximately 100 front-office executives in the U.S., UK and Singapore,
or one-third of Morgan Stanley's total commodities front-office
personnel, will move to Rosneft Group as part of the transaction.
Morgan Stanley's oil merchanting business engages in the global storage,
trading and transportation of oil and
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