The EU Commission has agreed the transaction on thepurchase of Morgan Stanley's oil trading department by Rosneft

The EU Commission has agreed the transaction on the purchase of Morgan Stanley's oil trading department by Rosneft. The EU Commission got the application from Rosneft on July 29th.

On December 23rd 2013, a 100% subsidiary of Rosneft and Morgan Stanley closed their binding agreement about the purchase of the international oil trading business of the investment bank. They did not make public the financial terms of the transaction. The outline of the transaction includes the access to the international branch network of oil and oil product storage facilities, the concurrent direct contracts with the consumers and the contracts under the advanced payment terms, logistic contracts and the stocks and the shares in the subsidiaries in the sphere of infrastructure, international marketing and research.