The team of traders handling the fuel trading business of Reliance Industries Limited (RIL) in Singapore have left the company.
Reliance Global Energy Singapore Pte Ltd was set up in September 2008 to handle marketing of fuel from the refineries of RIL and was headed by Michael Ng, an ex-Shell executive.
“Post our standard review of business, it was mutually decided by us and Michael Ng and his team to part ways,” RIL said in a statement.
RIL did not say why Ng and his team had departed but company sources said the decision was taken last week. A new team would be brought in as and when there is a requirement.
Reliance in end-December announced commissioning of its new 5,80,000 barrels per day (bpd) refinery, owned by subsidiary Reliance Petroleum Ltd.
The new plant, sited next to the group’s existing 6,60,000-bpd refinery, has turned Reliance’s Jamnagar complex into the world’s biggest oil facility.
Reliance also owns trading firms in London and Dubai. It manages trading operations through its Mumbai office. Mike Warwick, former CEO of Shell Trading, was appointed as a director on the board of Reliance Petroleum to oversee its trading operations.
The London-based Reliance Global Energy Services Ltd is headed by Peter Ward, former president of Shell Trading’s Gas and Power division.