Rosneft scraps purchase of Morgan Stanley’s oil trading business

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SHAFAQNA – Russian oil major Rosneft, hit by US sanctions over Moscow’s role in the Ukraine crisis, said Monday it had to abandon plans to purchase the oil trading business of US bank Morgan Stanley after failing to win regulatory approval.

The December 2013 deal for an undisclosed amount covered Morgan Stanley’s Global Oil Merchanting business that included agreements on stocking oil in terminals as well as physical oil inventories.

Source : AFP.com

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