DEALTALK-Chevron, Exxon under pressure to list Thai refiners

(For more Reuters columns on deals, click [DEALTALK])

By Khettiya Jittapong and Wilawan Pongpitak

BANGKOK, Aug 31 (Reuters) - Exxon and Chevron are under pressure from Thailand's military-appointed government to make good on a pledge made 15 years ago to float shares in their local oil refineries in Bangkok next year.

Esso (Thailand), a unit of Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz), and Chevron's (CVX.N: Quote, Profile, Research, Stock Buzz) Star Petroleum Refining Co (SPRC) are expected to submit filings of listing plans by the year-end, Energy Minister Piyasvasti Amranand said.

"We want the filings done within this government. They are trying to postpone until the next government, which will open a chance for them to keep delaying," Piyasvasti told Reuters ahead of a general election set for Dec. 23.

The government is trying to lure high-profile companies to the Bangkok stock market, but many investors are wary about Thailand after last year's military coup, making firms timid about jumping into the stock market to raise capital.

The latest drive for a listing comes just as global equity markets are shaken by fears about U.S. subprime lending.

The government thinks the two listings could add up to 60 billion baht ($1.75 billion) to the Thai stock market.

"We want Thais to own the refineries and it's a condition that should benefit the stock market by having more good stocks," Piyasvasti said.