Morgan Stanley's Ineos marketing deal ends, Chinaoil takes over
BEIJING, March 14 |
BEIJING, March 14 (Reuters) - Morgan Stanley will exit an oil marketing deal with European refineries of Britain's Ineos Group Ltd, now half-owned by PetroChina Co Ltd , from the end of this month as the Chinese state oil giant takes over the job, traders said.
"Morgan Stanley's deal expires on March 31. It's a done deal," said a trader with direct knowledge of the situation.
Chinaoil, PetroChina's trading arm, will assume the marketing role to secure crude and market refined fuels for the two European refineries jointly owned by Ineos and PetroChina, with a combined daily processing capacity of 420,000 barrels.
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