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SAPE’s sustainability framework and energy transition plan is understandably not as progressive as its MY O&G peers, for its immediate priority is to recover its financials (grows earnings, cashflows and de-gear). It is clearly hard on an austerity drive now. A continuous cost-down exercise is inevitable. Assets divestment is imperative. There is a pressing need to restructure its operations/ assets. In short, risks override reward now. We see better values elsewhere in the sector.

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