Star Petroleum Refining (SET:SPRC)
Star Petroleum Refining Public Company Limited (SET:SPRC) is a SET-listed Thai oil refiner controlled by Chevron Pacific (USA-affiliated). Operates a Map Ta Phut refinery with approximately 165,000 barrels-per-day capacity producing fuels (diesel, gasoline, jet fuel, fuel oil) and feedstock for petrochemical downstream. Co-exists with Thai Oil (SET:TOP), IRPC (SET:IRPC), Bangchak Corporation (SET:BCP), and ESSO Thailand (now divested) in Thai listed-refiner tier.
Profile overview
Star Petroleum Refining Public Company Limited (SET:SPRC) is a SET-listed Thai oil refiner controlled by Chevron Pacific (USA-affiliated). Operates a Map Ta Phut refinery with approximately 165,000 barrels-per-day capacity producing fuels (diesel, gasoline, jet fuel, fuel oil) and feedstock for petrochemical downstream. Co-exists with Thai Oil (SET:TOP), IRPC (SET:IRPC), Bangchak Corporation (SET:BCP), and ESSO Thailand (now divested) in Thai listed-refiner tier.
Business segments
Refining operations
165,000 bpd Map Ta Phut refinery
Single-site refinery at Map Ta Phut, Rayong, with approximately 165,000 barrels-per-day crude-processing capacity. Produces diesel, gasoline, jet fuel, fuel oil, and LPG. Crude supply sourced from Chevron Pacific trading networks.
Downstream marketing
Wholesale fuel supply to domestic market
Sells refined products to domestic oil-marketing companies including PTT, Bangchak, and Shell Thailand. A portion of output is exported via the Map Ta Phut deep-sea port, primarily jet fuel and fuel-oil grades.
Chevron Pacific partnership
USA-affiliated controlling shareholder
Chevron Pacific (Thailand) holds the controlling stake in SPRC, positioning the refinery within Chevron's Asia-Pacific downstream supply-chain. The Chevron affiliation provides crude-procurement and trading advantages.
SPRC vs Thai listed-refiner peer comparison
| Company | Ticker | Capacity (kbpd) | Major shareholder |
|---|---|---|---|
| Star Petroleum Refining | SET:SPRC | 165 | Chevron Pacific (USA) |
| Thai Oil | SET:TOP | 275 | PTT (majority state-owned) |
| IRPC | SET:IRPC | 215 | PTT (majority state-owned) |
| Bangchak Corporation | SET:BCP | 120 | SET-listed, diversified |
Watchpoints 2025-2026
Refining margins
Asian crack spread volatility
SPRC profitability tracks Asian refining-crack spreads closely. Diesel cracks narrowed significantly in H2 2023 and 2024 as global refinery additions outpaced demand recovery. Margin recovery in 2025-2026 is the key upside catalyst.
Chevron ownership
Strategic review or divestment risk
Chevron's global downstream-asset rationalisation strategy raises the question of long-term ownership intent for SPRC. Any change in controlling shareholder would materially affect crude procurement and operational strategy.
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