Oman Oil completes 2.06% stake purchase in Thai Olefins

01 December 2004 05:13  [Source: ICIS news]

SINGAPORE (CNI)--Oman Oil Company (OOC ), the sultanate’s state-run oil company, has bought 25.22m shares, or a 2.06% stake, in Thai Olefins Co (TOC), according to TOC's filing to the Thai Stock Exchange on Wednesday.

These shares were part of the 58.36m shares or a 7.11% stake Bangkok Polyethylene (BPE) held in TOC, all of which had to be sold to eliminate cross-shareholding.

Earlier in November, TOC, Thailand’s third largest maker of olefins, and its biggest shareholder PTT Pcl, the kingdom’s oil and gas major, each invested Baht1.7bn ($43.2m/Euro32.4m) to buy BPE's shares from its shareholders.

This meant that BPE had to sell its shares in TOC. Of its stake, 33.25m shares or 4.05% was sold to PTT, which increased its direct and indirect holding in TOC to 49.99%.

The remainder was sold to OOC on Tuesday, but no financial details were given. The sale makes OOC a long-term strategic partner of TOC, added the statement.

TOC operates a cracker which can produce 385 000 tonne/year of ethylene and 190 000 tonne/year of propylene, as well as 100 000 tonne/year of butadiene plant, at Mab Ta Phut in Rayong province.

By: Siva Govindasamy
+65 6780 4359

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