PTT plans to divest shares in Star in IPO

Thailand’s PTT has decided against selling its 36% stake in the Star Petroleum Refining Co. (SPRC) to U.S. major Chevron Corp. and will instead divest some of its shares during SPRC’s initial public offering planned for next year, a PTT official said. Chevron holds 64% of SPRC, which operates a 150,000 barrel per day refinery in Rayong on the eastern seaboard of Thailand, and had been in talks with PTT to buy the state-owned company’s 36% stake before launching the IPO. A stock exchange listing was a pre-requisite for oil companies building refineries in Thailand, as the government was keen for local people to have a stake in the strategically important industry. (October 4, 2007)