The Thai oil and gas company PTT PLC has divested its entire 5.41% stake in Star Petroleum Refining Co (SPRC) for Bht3.7bn (approximately US$113m) under the framework of its divestment strategy. The transaction forms part of a long-term sell-off initiated in 2015. PTT originally held a 36% stake in SPRC and firstly divested a 30.59% interest under the framework of SPRC’s initial public offering (IPO).
SPRC is the fifth-largest oil refinery in Thailand and produces 165,000 bbl/d. It accounts for 13% of the country’s refining capacity and its supplies represents almost one-third of the domestic petrol demand.
PTT had also disposed its entire 27.21% stake in Bangchak Petroleum to Vayupak Fund and Social Security Office’s Fund for Bht 13.5bn (US$411m) in 2015. Once the SPRC transaction is complete, PTT will still own significant stakes in three Thaioil and chemical refineries, namely Thai Oil, PTT Global Chemical and IRPC.