The FINANCIAL — Morgan Stanley announced on November 2 that it has completed the sale of the Global Oil Merchanting unit of its Commodities division to Castleton Commodities International LLC. Financial terms of the transaction were not disclosed.
The sale includes a diversified international network of oil terminal storage agreements; inventory; physical oil purchase, sale and supply agreements; and freight shipping contracts. The transaction – which does not include Morgan Stanley’s client-facilitation oil trading and risk management business or any of its commodities operations outside of the oil sector – leaves the Firm with a leaner and more client-focused commodities business, according to Morgan Stanley.
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