UPDATE 1-Star Petroleum to delay Thai IPO from Q4 - PTT
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BANGKOK, Oct 29 (Reuters) - The Thai listing of Star Petroleum Refining Co (SPRC), a joint venture of Chevron (CVX.N) and Thailand's PTT PCL PTT.BK, is expected to be delayed from the fourth quarter of 2008 due to unfavourable market conditions, PTT said on Wednesday.
The listing of Star Petroleum, which is 64 percent owned by Chevron and 36 percent by PTT, should come in late 2009 or early 2010, PTT chief executive Prasert Bunsumpun told reporters.
"SPRC is unlikely to be ready to go public this year. Now they are drafting a business model and monitoring market conditions. When will it be ready? The timeframe should be late 2009 to early 2010," Prasert said.
There were also concerns about weak demand, reflected by narrower margins between prices of crude oil and refined products as the global economic slowdown has cut fuel consumption.
Star Petroleum operates a refinery with capacity of 150,000 barrels per day.
The listing is part of an agreement between the oil companies and the government more than 10 years ago when Thailand allowed the firms to build refineries in the Southeast Asian country.
Several Thai companies postponed share sales in the third quarter after the Thai stock market, spooked by the global financial crisis and domestic political instability, dropped to a five-year low.
Thailand is trying to lure high-profile companies to list on the Bangkok market to make it more attractive to foreign investors.
The whole bourse has a market value of $89 billion. As a comparison, Japan's Toyota Motor (7203.T) is valued at $118 billion. ($1 = 34.82 Baht) (Reporting by Khettiya Jittapong; Editing by Alan Raybould)
