(For IPO diary and data, click on <TH/IPOMENU>)
By Ploy Ten Kate
BANGKOK, March 2 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
"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
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
Founded in 1996, it supplies petrol, diesel and jet oil,
plus lubricants to the automotive, aviation and marine
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)