Thai Star Petroleum CEO says IPO set for Q1 2012

Wed Mar 2, 2011 4:14am EST

(For IPO diary and data, click on <TH/IPOMENU>)

By Ploy Ten Kate

BANGKOK, March 2 (Reuters) - Star Petroleum Refining Co, a joint venture of Chevron (CVX.N) and Thailand's top energy company, PTT (PTT.BK), said on Wednesday it expected to list its shares in the first quarter of 2012.

After a series of delays since it was first scheduled for the end of 2007, the listing of Star Petroleum, 64 percent owned by Chevron and 36 percent by state-owned PTT, had now been set and agreed by both shareholders, CEO William Stone told Reuters.

"Yesterday we reached agreement with the IPO governance committee, formed through the MOE office, to set a date of the first quarter 2012," Stone said, referring to the Ministry of Energy.

A listing was part of the original operating agreement between Star Petroleum and the Thai government, Stone said.

Star Petroleum, Thailand's third-largest oil refiner after Thai Oil (TOP.BK) and Esso (Thailand) (ESSO.BK), operates a refinery with capacity of 160,000 barrels per day in eastern Rayong province.

Founded in 1996, it supplies petrol, diesel and jet oil, plus lubricants to the automotive, aviation and marine industries.

In November, the government approved changes to the operating agreement and the use of international arbitration in the event of a dispute between PTT and Chevron. Approval on these two issues paved the way for the listing to proceed.

The original IPO plan called for Star to float 30 percent of its shares, with PTT's stake cut to 25 percent and Chevron's to 45 percent.

The listing is in line with government policy to offer shares in all local refineries to the public. ($1= 30.52 Baht) (Editing by Alan Raybould)

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