Thailand’s Energy Ministry has signed an agreement with SPRC to change some terms in the original refinery contract to allow the stakeholders to sell their shares.
The revised agreement allows the stakeholders, state-owned PTT and Chevron, to divest their stake in an IPO.
Chevron holds a 64% interest while PTT owns the remaining. Previous terms required PTT to hold at least 25% ownership after IPO.
The altered terms will also not require PTT and major shareholder Chevron to maintain their holdings in SPRC.
The IPO will be initiated within six months, Reuters quoted Department of Energy Business director general Witoon Kulcharoenwirat as saying.
Thailand’s energy company PTT holds stakes in five of the six oil refineries in Thailand.
SPRC currently operates a 160,000 barrel-per-day oil refinery in eastern Rayong province, Thailand.
