UPDATE: Morgan Stanley to Sell Global Oil Merchanting Business to Rosneft

Morgan Stanley

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