Rosneft may soon buy stake in Morgan Stanley energy unit

Russian oil major Rosneft may soon buy a stake in the U.S. bank Morgan Stanley’s oil trading unit, a source in the bank told PRIME on Friday.

The Financial Times reported in October that Rosneft and Morgan Stanley have in talks on the purchase of the bank’s unit, which focuses on trade in energy and mineral resources derivatives.

The Wall Street Journal earlier reported that the bank and Rosneft had been discussing the sale of some assets focusing on sales of physical oil. The assets may include a stake in oil tanker operator Heidmar and floors trading oil, oil products, and other cargoes.

The bank was also considering selling a pipeline and terminal operator Transmontaigne Partners.

In 2012, Morgan Stanley held talks with the Qatar sovereign fund to sell its mineral resources unit. The deal was fell through as the fund intended to purchase only part of the business, mainly operating with oil.

SOURCE: PRIME, 2013

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