November 3, 2015 [OPIS] - Morgan Stanley said on Monday that it has completed the sale of the Global Oil Merchanting unit of its Commodities division to Castleton Commodities International LLC.
OPIS notes that Morgan Stanley physical oil traders have moved out of the bank offices around the world into Castleton on Monday. Morgan Stanley had about 32 physical oil traders in its system, but the final number could be lower due to some resignations during the sale process in the past year.
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.
