BANGKOK -(Dow Jones)- The initial public offering of Star Petroleum Refining Co., a Thai unit of U.S.-based
"The executives of SPRC have informed that it will put off the share offering to the fourth quarter since the process takes time," said Energy Ministry Permanent Secretary Pornchai Rujiprapa.
"However, the ministry has asked the company to rework the IPO plan to speed up the process to have its shares floated around late third quarter or early fourth quarter."
SPRC, 60%-owned by Chevron and 40%-owned by
Pornchai said the IPO of oil refiner Esso
After the share sale, ExxonMobil will own 67.5% of the Thai unit from 87.5% currently, the company has said in a filing to the Securities & Exchange Commission.
The Finance Ministry's 12.5% stake in
-By Supunnabul Suwannakij, Dow Jones Newswires; 66 2266 0744; tu.suwannakij@ dowjones.com