PTT to list Star Petroleum

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, which owns 36% of SPRC, said. A Thai unit of Chevron Corp. owns the remaining 64%. The listing is in line with an agreement made between oil companies and the government more than 10 years ago. The agreement, which was 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 a capacity of 150,000 barrels per day. The company plans to sell a 30% stake to the public and the Chevron unit’s holding would be reduced to 45% after the listing. (January 9, 2007)