Star Petroleum IPO seen delayed to Q4/2008 - PTT

BANGKOK, Feb 19 (Reuters) - The proposed Thai listing of Chevron's (CVX.N: Quote, Profile, Research, Stock Buzz) Star Petroleum Refining Co (SPRC) is expected to be delayed to the fourth quarter of 2008, Thailand's PTT PCL PTT.BK, a major Star shareholder, said on Tuesday.

The listing of Star, which is 64 percent owned by Chevron and 36 percent held by PTT, was planned for the second quarter.

"SPRC has informed the Energy Minister that it will be ready for the share float in the fourth quarter of this year," Prajya Phinyawat, chief operating officer of PTT's downstream business, told reporters.

The listing is part of an agreement signed between the oil companies and the government more than 10 years ago when Thailand allowed the firms to build refineries in the Southeast Asian nation.

SPRC operates a complex refinery with capacity of 150,000 barrels per day. (Reporting by Khettiya Jittapong, Editing by Darren Schuettler)