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2014-09-05 18:15:00

ROSNEFT BUY MORGAN STANLEY

ROSNEFT BUY MORGAN STANLEY

The European Commission (EC) has allowed Russian state-owned oil company Rosneft to purchase an oil trading department of Morgan Stanley, EC said Thursday.

"The parties' activities overlap on various markets for oil and refined petroleum products, including fuel oil sales in the European Economic Area...The Commission concluded that the proposed acquisition would not raise competition concerns, because the overlaps are very limited and a number of strong players would remain in the market after the merger," EC said.

In 2013, Rosneft's unit signed a binding agreement with Morgan Stanley on purchasing an international oil trading department of the investment bank. The financial terms of the deal are not disclosed, the deal does not cover the client's part of the bank's business in oil, oil product and other crude materials' trading and its stake in TransMontaigne.

At the beginning of July, Rosneft asked the US Committee on Foreign Investment for permission for the deal, and the committee is to decide on the deal within 75 days. If approved, the deal will be closed in September, but the approval can meet significant difficulties, as the US has included Rosneft's CEO Igor Sechin on its black list of Russian officials involved in the crisis in Ukraine.

oilandgaseurasia.com

Tags: ROSNEFT, OIL, MORGAN, STANLEY, US

Chronicle:

ROSNEFT BUY MORGAN STANLEY
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

ROSNEFT BUY MORGAN STANLEY
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

ROSNEFT BUY MORGAN STANLEY
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

ROSNEFT BUY MORGAN STANLEY
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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