PTT to seek listing for Star

PTT President Prasert Bunsumpun said Star Petroleum Refining Co. Ltd. (SPRC) will seek a listing on the Stock Exchange of Thailand early next year. SPRC plans to offer 30% of its shares to the public. After the listing, PTT’s stake will be diluted from 36% to 25%, while Chevron Caltex Trading and Transport Corporation, a unit of Chevron Corp., will see its stake trimmed from 64% to 45%. At present, SPRC has the capacity to refine 150,000 barrels per day of crude oil. SPRC had previously planned to merge with Rayong Refinery, with the merged entity intending to seek a listing on the exchange. However, in 2005, PTT and Chevron were unable to reach a consensus on the merger, mainly because of disagreements over the listing plan. (August 15, 2006)