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Shell buys Morgan Stanley's Europe gas and power trade book

Staff writer |
Royal Dutch Shell has acquired Morgan Stanley's European gas and power trading book as the U.S. bank continues its exit from the sector.

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Shell is set to significantly increase its footprint in the gas market in the coming years if it completes its proposed $70 billion acquisition of smaller British rival BG Group and as part of a growing strategic alliance with Russia's Gazprom, the world's top gas producer.

Shell Energy Europe, its supply and trading arm in the region, has signed a binding sales and purchase agreement for Morgan Stanley's portfolio, the Anglo-Dutch company said, without providing further details.

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