NEW DELHI: Reliance Industries Ltd said on Monday its Singapore trading business head Michael Ng and his team had left the company.
"Post our standard review of business, it was mutually decided by us and Michael Ng and his team to part ways," a Reliance spokesman told Reuters in response to an emailed question.
A Reliance official, who could not be named, and trade sources said the decision had been taken last week.
Reliance did not say why Ng and his team had departed but a veteran trader in the city-state said: "The (Reliance) Singapore office out here did not have any real trading authority. That might have been the issue."
In September, Reliance announced the forming of trading firm Reliance Global Energy Service Singapore Pte Ltd, headed by ex-Shell executive Ng, to market fuel from its refineries.
Reliance in end-December announced commissioning of its new 580,000 barrels per day (bpd) refinery, owned by subsidiary Reliance Petroleum.
The new plant, sited next to the group's existing 660,000-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.
It appointed Mike Warwick, former CEO of Shell Trading, as a director on the board of Reliance Petroleum to oversee its trading operations.
London-based Reliance Global Energy Services Ltd is headed by Peter Ward, former president of Shell Trading's Gas and Power division.
