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"The sentiment in the stock market is very weak," PTT president Prasert Bunsumpun said yesterday. "We will revive the share sale again as soon as the market is back to normal. I don't expect the market to be back [to normal] until the second half of next year."

PTT owns 36 per cent of Star Petroleum while Chevron Corp, the second-biggest US oil producer, holds the rest. Credit markets froze after the collapse of Lehman Brothers on September 15, prompting governments and central banks worldwide to pledge trillions of dollars to bail out banks and resuscitate lending.

The Stock Exchange of Thailand Index has lost 44 per cent in the past three months, wiping out almost US$64 billion (Bt2.23 trillion) of its market value, according to data compiled by Bloomberg.

PTT is studying a plan to buy back shares of the company and its units in the stock market, Prasert said.

PTT holds majority stakes in a number of domestic energy companies, including PTT Exploration and Production, the nation's only listed oil and gas explorer, and Thai Oil, the country's largest oil refiner.

Oil prices next year are unlikely to rise from current levels, as a global economic slowdown will curb demand, Prasert said. PTT has no plan to delay investments or cut production at its refineries, he added.