Morgan Stanley sells oil trading business to Russia’s Rosneft

LONDON/MOSCOW (Reuters) – Morgan Stanley (MS) has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft (ROSN.ME), becoming the latest Wall Street firm to dispose of a major part of its commodity business. The deal represents a bold move into the U.S. market by Russia’s top oil producer, which is headed by Igor Sechin, a powerful ally of Russian President Vladimir Putin.

December 21, 2013 admin

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