Deals
Morgan Stanley to Sell Global Oil Merchanting to Rosneft
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Morgan Stanley agreed to sell a unit that stores, trades and transports oil products to a subsidiary of Russia’s OAO Rosneft as the investment bank backs away from owning some physical commodities businesses.
The sale of the global oil merchanting business is expected to be completed in the second half of next year, New York-based Morgan Stanley said yesterday in a statement that didn’t disclose financial terms. The firm also said it’s exploring strategic options for its stake in TransMontaigne Inc., the Denver-based petroleum and chemical transportation and storage company.