Thai PTT plans to list Star Petroleum in Q4admin
Thailand’s Star Petroleum Refining Co (SPRC) will sell its shares in an initial public offering (IPO) in the fourth quarter of 2007, delayed from the first quarter, PTT PCL, a major shareholder in SPRC, said on Tuesday.
The listing was in line with an agreement made between oil companies and the government more than 10 years ago, Prasert Bunsumpun, president of PTT , Thailand’s top energy firm which owns 36 percent of SPRC, told reporters. He gave no reason for the delay.
The agreement, made when the government let oil companies build refineries in Thailand, requires them to float shares on the Thai stock market.
SPRC operates a complex refinery with capacity of 150,000 barrels per day. A Thai unit of U.S. oil firm Chevron owns the remaining 64 percent of it.
SPRC planned to sell a 30 percent stake to the public and the Chevron unit’s holding would be cut to 45 percent after the listing, Prasert said late last year.