The sale of oil trading business of the American investment bank Morgan Stanley Russian "Rosneft" is close to a breakdown in a serious cooling of relations between Russia and the United States, reported the largest Western financial publications, from Financial Times to Bloomberg.
In June, the US Federal Trade Commission (FTC) approved the sale of "Rosneft" oil trading business Morgan Stanley. However, the US Committee on Foreign Investment (CFIUS) has not yet been issued to business marketing authorization Morgan Stanley «Rosneft». Big money, as you know, like the silence. When both major publications write about the possibility of failure of the deal with the Russian company headed by Igor Sechin - a man of the "inner circle" of President Putin - is more than a signal. This is not a business - it is a policy.
Back in July, Morgan Stanley excluded the breakdown of the transaction with "Rosneft" because of the US sanctions, saying that he still plans to close it until the end of the year. Chief Financial Officer Ruth Porat Bank assured then that the sanctions must not affect the deal, which "Rosneft" and Morgan Stanley agreed to deAbreu last year, signed a corresponding "binding" agreement. Upon completion of the transaction, "Rosneft" had to go more than 100 oil traders from Morgan Stanley offices in the UK, USA and Singapore, as well as about 180 managers from support units. The Russian oil company would have access to an international network of oil storage tanks, oil and petroleum products, stocks and shares in the relevant subsidiaries and associated contracts.
The client business at Morgan Stanley in the field of oil and oil products trading, shares a stake in the infrastructure company TransMontaigne (USA) and other trading operations on commodity transactions are not affected. Its financial terms were not disclosed. According to sources estimated that the cost of oil trader Morgan Stanleyranges from $ 300 to $ 400 million "Closing of the transaction is dependent, among other conditions, the approval of regulatory authorities in a number of jurisdictions, including the US and the EU is expected in the second half of 2014", -. Reported in "Rosneft" then. As noted by Forbes in this regard, «Morgan Stanley has long planned to sell a portion of the feed business as profitablecapital nost it dropped to less than 5%. This is the lowest figure among all trading divisions of the bank. The deal with "Rosneft" with a balance of Morgan Stanley will take nearly $ 4 billion in risk-weighted assets, which will reduce the investment bank reserves created for these assets. "
The fact that it was impossible to imagine in July, has taken real shape in October. According to sources of the London Financial Times, and the Obama administration, and the bank Morgan Stanley is more profitable to "quietly" expired on the closing of the deal than its "politically sensitive" approval or veto, the right to which has CFIUS. The deadline for approval of the deal - 75 days - expires this month. According to the Morgan Stanley, if a deal can not be closed, the company "is ready to consider the various options that take into account the interests of its shareholders, customers and employees." The FT sources, familiar with the situation say that, most likely, the transaction will not take place and that the oil assets of the investment already there are other contenders.
If the deal falls through, it will be yet another chutivity loss to "Rosneft". Earlier partners ExxonMobil - the largest US oil company announced that because of the sanctions regime on October 10 terminated the joint development of the Arctic shelf in the Kara Sea.
On the basis of the sanctions imposed, ExxonMobil employees had to stop work together on projects in the Russian Arctic is already from the date of entry into force of sanctions - on 26 September. However, the company has received from the US Treasury to delay for two weeks in order to stop work in the projects in compliance with the relevant safety standards.
Simultaneously, the US press reported that the partners have recently discovered a new large field, a reservoir which can be up to 2.7 billion barrels of oil. But for his work on the development of Russia needs Western technology. Three years ago, "Rosneft" has signed an agreement with ExxonMobil, suggesting joint development of oil fields in the Arctic seas - the Barents, Kara, Chukchi and Laptev Sea.
Sanctions hit not only by the "Rosneft", but also by the American company, which corasno data released by the US Senate, spent the first half of this year, $ 6 million on lobbying, including on the issue of sanctions. Another 170 thousand was paid in the second quarter of 2014 the four companies that were supposed to lobby for the interests of ExxonMobil, affected by the imposition of sanctions, according to Reuters. According to the publication the Quartz, the US company hopes that by the spring season of drilling in 2015, relations between Russia and the West a little melt as the Arctic ice, and joint work can be resumed. "Of ExxonMobil and" Rosneft "like spouses with the experience - writes Quartz -. As a result of the transaction in 2011," Rosneft "has become a part-owner of oil reserves being developed by Americans in Alaska, the Gulf of Mexico, etc. Neither of the spouses wants a divorce and the loss of joint assets. "
In the course of going and environmental arguments. Professor Michael Bradshaw, speaking in the British House of Lords warned that "Rosneft", faced with the refusal of friendly foreign companies ExxonMobil, Statoil, ENI, Royal Dutch Shell, Schlumberger and Halliburton Co beforeto put its technology can produce oil to try on their own, thus causing catastrophic damage to the Arctic. Energy deal with China does not help "Rosneft"Here Professor Bradshaw:." Russia can not do it alone. And there is no evidence that the necessary technologies have Chinese firms. The Chinese can offer Russian finances and the market, but not the technology. "