December 27, 2013 / 11:15 AM / 4 years ago

Rosneft to focus on Morgan Stanley deal completion, not further buys

MOSCOW, Dec 27 (Reuters) - Rosneft, the world’s top listed oil producer by output, said on Friday it plans to focus on integrating Morgan Stanley’s global oil merchanting unit it agreed to buy last week rather than making new acquisitions.

Morgan Stanley has agreed to sell the majority of its global physical oil trading operations to Rosneft, becoming the latest Wall Street firm to dispose of a major part of its commodity business.

“At the moment, we are focused on this deal completion and the asset’s maximum possible integration into the Rosneft structure,” the company told Reuters in an emailed reply to a question about its future trading acquisition strategy.

Rosneft, which pumps around 40 percent of Russia’s oil output of 10.6 million barrels a day, said the roughly 100 traders and 180 back-office personnel joining under the deal would stay in their current cities such as London, New York and Singapore. It is unclear whether any core Rosneft staff will join them abroad later.

The company, which will be trading oil and products from third parties through the deal, also said it “never had plans” to influence global oil prices with the acquisition.

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