Morgan Stanley is trying to sell its merchant oil trading business. Trading house Castleton Commodities International has offered $1 billion for it, according to the Financial Times, which cites a person familiar with the matter. Castleton is backed by hedge fund manager Paul Tudor Jones and Glenn Dubin. Russian state-owned oil company Rosneft had tried to Morgan Stanley’s oil trading unit, but abandoned the deal in December because of US sanctions on Russia over the Ukraine crisis. The sale would include contracts and inventories, the FT reported. As oil and other commodity prices continue to …read more
Source: Business Insider
