Thai PTT willing to sell Star Petroleum stake

PTT PC , Thailand’s top energy firm, said on Thursday it would sell its stake in Star Petroleum Refining Cc (SPRC) if a planned listing of the oil refiner went ahead this year.

PTT, which owns 36 percent of SPRC, wanted to list the refiner in the fourth quarter of 2007, but that would depend on U.S. oil firm Chevron , which has a 64 percent stake in the firm, PTT president Prasert Bunsumpun told reporters.

“We urged Chevron to go ahead with the listing plan. If we start now, it can be done by the end of this year,” he said. “After listing, PTT’s holding will be diluted. If any buyer is keen to buy our part, we’re willing to sell.”

The divestment would help PTT focus on its main refineries, Prasert said.

PTT has stakes in five of Thailand’s seven refineries, including top refiner Thai Oil , Rayong Refinery , Bangchak Petroleum and IRPC .

SPRC operates a complex refinery with capacity of 150,000 barrels per day.

It plans to sell a 30 percent stake to the public to raise about 20 billion baht ($575 million) and that would cut the Chevron unit’s holding to 45 percent, PTT has said.

The listing was a requirement in an agreement made between oil companies and the government more than 10 years ago when the government let them build refineries in Thailand. ($1 = 34.75 Baht)

Information from: asia.news.yahoo.com