New Delhi: Reliance Industries Ltd plans to revive its Singapore trading desk, which saw the departure of trading head Michael Ng and his team last month, a company spokesman said on Wednesday.
“We had set up Reliance Global Energy Singapore Pte Ltd with a long-term strategic view and will meet the staffing requirements. We will make relevant announcements in due course,” he said.
In September, Reliance announced the forming of the trading firm to market fuel from its refineries.
The company did not give a reason when its trading team left but a veteran trader in Singapore said a possible reason may have been that the team in Singapore did not have any “real trading authority”.
Reliance in end-December commissioned its new 580,000 barrels per day (bpd) refinery next to its existing 660,000 bpd plant, making the company’s Jamnagar complex the world’s biggest oil facility.
The company manages trading operations through its Mumbai office, and also owns trading firms in London and Dubai.