The commodities group of Morgan Stanley has renewed a refined product storage deal with TransMontaigne Partners L.P. seven months early, as the Wall Street bank plans to sell its physical oil business.
TransMontaigne said Morgan Stanley Capital Group prolonged its lease agreements for about 2.7 million barrels of refined product storage in Mississippi.
The move came about seven months before the contract was about to expire. The new agreement for the terminals located in Collins/Purvis, Mississippi will be effective Jan. 1, 2016, TransMontaingne said.
The news comes as the bank continues to seek a buyer for its physical oil business after a deal to sell it to Russian oil company Rosneft fell apart last year.
The material has been provided by InstaForex Company – www.instaforex.com