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RIL's Singapore trading team quits

business Updated: Feb 24, 2009 16:14 IST

PTI
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India's largest private sector entity Reliance Industries on Tuesday said that the team of traders handling its trading business in Singapore have left the company.

"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.

It was not clear from the statement whether a new team would be appointed to handle the Singapore-based trading arm of the company.

However, sources said that a new team would be brought in as and when there is a requirement.

Earlier, in September last year, Reliance Industries had hired Michael Ng, to head its trading arm in Singapore -- Reliance Global Energy Services Singapore Pte Ltd -- to market fuel from its refineries.

In December last year Reliance Petroleum, a unit of RIL, last month commissioned its 5,80,000-barrels-per-day only for exports refinery at Jamnagar in Gujarat.

Shares of RIL were quoted at Rs 1,253, down 0.04 per cent on the BSE.