The sale of Morgan Stanley’s global oil merchanting business to Castleton Commodities International has been completed.
The business, which is active in the light ends, distillates, crude and wet freight markets, includes 45 storage leases, predominantly in the US and Europe.
In addition to the diversified international network of oil terminal storage agreements, the sale includes inventory, physical oil purchase, sale and supply agreements, and freight shipping contracts.
Financial terms of the transaction were not disclosed.
The transaction 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. It leaves Morgan Stanley with a leaner and more client-focused commodities business.