INEOS and Morgan Stanley announce oil refining agreement
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INEOS Refining and Morgan Stanley Commodities Group announced a long term agreement whereby MSCG will provide a broad range of commodity services to INEOS to support their refinery operations in Grangemouth, Scotland and Lavéra, France. The agreement will commence upon termination of INEOS' current oil supply arrangements on 31 March 2008, subject to INEOS Group bank consent.
The agreement provides that MSCG will supply crude oil, market refined products internationally, and conduct risk management activities for the refining system (which has a capacity of approximately 400,000 barrels per day). A further provision of the agreement is that INEOS will second a core team of employees to Morgan Stanley to support these commercial activities.
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