According to the agreement, Starsupply will own 80% of the joint venture operation in London, and each company will own approximately 50% of the Singapore business. Starsupply Tullett will have 50 employees, 33 in London and 17 in Singapore, as well as associated offices in North America and mainland Europe.
Last year the two companies entered into a joint venture with their London-based crude oil broking teams. Now they have formed two new companies, which will be known as Starsupply Tullett Energy in both London and Singapore. Starsupply Energy’s managing director David Kerr will head the global operation from London, and will be assisted in Singapore by the current Tullett managing director Peter Harvey.