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GAS - Good results with robust oil price; no divestment this year - AGM Note

GAS’s AGM was held today. Shareholders raised questions about the Nam Con Son 2 gas pipeline (NCS2 GP), conservative oil price assumptions and progress of long-term projects. GAS proposed a capital expenditure adjustment for NCS2 GP from ~USD1bn to USD800mn due to lower gas reserves, but it still ensures IRR of 12%.