December 23, 2013 / 11:01 AM / 6 years ago

Rosneft's presence on global oil market to be boosted by Morgan Stanley deal- Sechin

MOSCOW, Dec 23 (Reuters) - Rosneft’s deal to buy the global oil merchanting unit of Morgan Stanley’s commodities division will boost the company’s presence on the global oil markets, Chief Executive Igor Sechin said in a statement on Monday.

The deal, reached last Friday, represents a “breakthrough in strengthening Rosneft’s commerce and logistics unit, which will spearhead the company’s growth in the international oil and products markets,” Sechin said.

“The transaction will deliver increased value for Rosneft’s equity barrels by going deeper into the merchanting value chain, while equally enhancing the visibility of global oil and products markets and opening up new revenue streams by accessing third party barrels,” he added.

Rosneft and Morgan Stanley did not disclose financial terms of the deal.

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