RIL forms trading cos overseas
Reliance Industries announced that it has incorporated wholly-owned trading subsidiaries in London and Singapore to beef up its trading operations and secure storage facilities.
By ET Bureau |
MUMBAI: Reliance Industries (RIL) announced on Wednesday that it has incorporated wholly-owned trading subsidiaries in London and Singapore to beef up its trading operations and secure storage facilities prior to commissioning of its export-oriented 5,80,000 barrel per day (bpd) refinery in Jamnagar.
This move is aimed at tapping emerging opportunities in global petroleum product markets. With this, RIL joins the bandwagon of global oil companies having presence in London and Singapore that have strong links with Asian markets.
RIL has roped in two experienced hands to head these two companies. Peter Ward, the former president of Shell Trading���s Gas and Power division, will head Reliance Global Energy Services in London while Michael Ng, a former senior trader at Royal Dutch Shell, has been appointed as the head of Reliance Global Energy Services Singapore.
This move is aimed at tapping emerging opportunities in global petroleum product markets. With this, RIL joins the bandwagon of global oil companies having presence in London and Singapore that have strong links with Asian markets.
RIL has roped in two experienced hands to head these two companies. Peter Ward, the former president of Shell Trading���s Gas and Power division, will head Reliance Global Energy Services in London while Michael Ng, a former senior trader at Royal Dutch Shell, has been appointed as the head of Reliance Global Energy Services Singapore.
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