Star delays IPO

Star Petroleum Refinery Plc has postponed its initial public offering (IPO) largely due to the weakening oil price and the change in the political situation. With several unclear factors, including the domestic political environment, and falling oil prices and refining margins, it is not the right time to float the shares, said PTT President Prasert Bunsumpun. On the same note, Rayong Refinery (RRC) will complete the unwinding of its operating alliance by February 2009, or earlier, if both Star Petroleum Refining Co. Ltd. (SPRC) and RRC are ready. RRC and SPRC have already selected their employees from Alliance Refining Co. Ltd. (the operating company that runs both refineries). (November 16, 2006)