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Friday, 31 October 2014

Morgan Stanley to advise on sale of Abbot Point port

U.S. bank Morgan Stanley is to provide consultancy services to Indian conglomerate Adani Enterprises, on the sale of part of the company’s stake in the Abbot Point coal port in Australia.

The proceeds of the sale will be used to expand the controversial port which borders the World Heritage-listed Great Barrier Reef. The planned expansion project is likely lead to more ships navigating the sea lanes and has already raised opposition from environmental groups.

“Morgan Stanley Australia are Adani’s advisors on the potential partial sale of Adani’s existing terminal (T1) at Abbot Point,” Adani said in a statement. “Any partial sale of Adani’s current holdings at the port would—far from a withdrawal from the port—in fact be used to deliver the port’s expansion.”

Despite acting as an advisor on the project Morgan Stanley was eager to distance itself from any direct investment in the potnetailly damaging expansion project.

“Morgan Stanley will not lend to or invest in the expansion of Abbot Point,” the bank said in response to enquiries by U.S.-based environmental group Rainforest Action Network.

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