Morgan Stanley Completes Sale of Global Oil Merchanting Business to Castleton Commodities International LLC
Morgan Stanley (NYSE: MS) announced today 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.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing
investment banking, securities, wealth management and investment
management services. With offices in more than 43 countries, the Firm's
employees serve clients worldwide including corporations, governments,
institutions and individuals. For further information about Morgan
Stanley, please visit www.morganstanley.com.
About Castleton Commodities International LLC
CCI is a global commodities merchant with an integrated set of
operations consisting of the marketing and merchandising of commodities
and the ownership, operations and development of commodities-related
upstream and infrastructure assets. The Company markets a broad range of
physical commodities including natural gas, natural gas liquids, refined
products, crude oil, fuel oil, freight, petrochemicals, electric power
and coal and financial instruments related to commodities. CCI is
headquartered in Stamford, Connecticut with offices in Calgary, Canada;
Geneva, Switzerland; Houston, Texas; London, United Kingdom; Shanghai,
China; Singapore; and Montevideo, Uruguay.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151102005480/en/
Copyright Business Wire 2015
Source: Business Wire
(November 2, 2015 - 8:30 AM EST)
News by QuoteMedia
www.quotemedia.com