(Reuters) - A partnership founded by Simon Greenshields, former global co-head of commodities at Morgan Stanley (MS.N), has bought Phibro LLC from Occidental Petroleum Corp (OXY.N), the Financial Times reported.
“Phibro at one point was the largest physical commodity merchant in the world... we can get their business back on track and return Phibro to a position of strength,” Greenshields told the FT.
Greenshields refused to disclose terms of the deal, the FT reported. (on.ft.com/201NCB5)
Energy Arbitrage Partners, started by Greenshields, has acquired Phibro’s name, intellectual property, information technology, customer base and historical data, according to the report.
Occidental wound down Phibro, once a powerhouse in global oil markets, in December 2014 by laying off some U.S. employees and pursuing a sale of some overseas operations.
Phibro, which was born as metals and grains trader Philipp Brothers in 1901, was once a powerhouse in global oil markets, owning a string of U.S. refineries and routinely shipping millions of a barrels of oil around the world.
Occidental was not immediately available for comment.
Reporting by Manish Parashar in Bengaluru; Editing by Shounak Dasgupta