Morgan Stanley resumes Middle East gasoline trading operations

2 December 2011:   US bank Morgan Stanley has resumed gasoline trading operations in the Middle East after a gap of about 12 months, with the recent lease of 380,000 barrels of storage at the UAE port of Jebel Ali.

Morgan Stanley, which leased the Jebel Ali storage sometime in the past month, had previously operated in the region, holding storage assets of up to 1.5 million barrels as recently as 2009, but exited the business after ending its joint-venture partnership with Kuwait's Independent Petroleum Group (IPG).

Source: Ameinfo