Morgan Stanley shedding non-US oil assets

摘要

New York—Morgan Stanley, once one of the leading Wall Street players in the global commodity markets, agreed to sell the non-US operations of its Global Oil Merchanting Business to Russia’s Rosneft for an undisclosed sum, the company said Friday. About 100 front-office executives in trading hubs in the US, Singapore and the UK, “or one-third of Morgan Stanley’s total commodities front-office personnel,” will be moving to Rosneft, the statement said. Included in the pending sale are agreements for international oil terminals, storage as well as inventory; physical oil purchase, sale and supply agreements; equity investments; and freight shipping contracts, the company said in a statement.