Tuesday, March 13, 2012

Reuters: Deals: Morgan Stanley's Ineos marketing deal ends, Chinaoil takes over

Posted by Isabella on 9:09 PM

Reuters: Deals
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Morgan Stanley's Ineos marketing deal ends, Chinaoil takes over
Mar 14th 2012, 03:20

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The outside of the Morgan Stanley offices is seen in New York January 18, 2012. REUTERS/Shannon Stapleton

The outside of the Morgan Stanley offices is seen in New York January 18, 2012.

Credit: Reuters/Shannon Stapleton

BEIJING | Tue Mar 13, 2012 11:20pm EDT

BEIJING (Reuters) - Morgan Stanley (MS.N) will exit an oil marketing deal with European refineries of Britain's Ineos Group Ltd INGRP.UL, now half-owned by PetroChina Co Ltd (0857.HK)(601857.SS), from the end of this month as the Chinese state oil giant takes over the job, traders said.

"Morgan Stanley's deal expires on March 31. It's a done deal," said a trader with direct knowledge of the situation.

Chinaoil, PetroChina's trading arm, will assume the marketing role to secure crude and market refined fuels for the two European refineries jointly owned by Ineos and PetroChina, with a combined daily processing capacity of 420,000 barrels.

(Reporting by Chen Aizhu; Editing by Chris Lewis)

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