RIL to revive Singapore arm for petro-trade

Reliance Industries Ltd plans to revive its Singapore trading desk, which saw the departure of trading head Michael Ng and his team last month, Reuters said quoting a company spokesman.

"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 why its Singapore trading team left but a possible reason may have been that the team in Singapore did not have any "real trading authority", according to an observer.

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.

On Wednesday, a company spokesman said that Reliance will commission all secondary units at its new refinery in next few weeks. Reliance is in the process of absorbing its Reliance Petroleum subsidiary, which runs the new refinery.