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Thailand’s Rayong Refinery

Shell to sell stake in Thai refinery

Washington Times: Shell to sell stake in Thai refinery

Posted 23 August 04

Bangkok, Thailand, Aug. 22 (UPI) — Shell International Holdings Ltd sealed an agreement Sunday to sell its 64 percent stake in Thailand’s Rayong Refinery Co to state giant PTT Plc for $5 million.

PTT must also inject up to $250 million to recapitalize the refinery as part of its $1.33-billion debt restructuring, the Bangkok Post reported Sunday.

PTT already holds the other 36 percent of the refinery’s paid-up capital. Under the agreement, it will buy 242.67 million shares of RRC and supply petroleum products to Shell under a 10-year contract. read more

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