· PGN has initiated to speed up US$350mn projects for two LNG terminals next year. The projects are the US$250mn Floating Storage Receiving Terminal (FSRT) in Belawan and US$100mn project in West Java.
· The company explained that for the project in West Java, PGN contributed 40% to total project which makes total cost equal with Belawan. PGN expects these two projects could commence in 2012.
· To finance such projects, PGN has received loans commitments from several banks, however, PGN also explores possibility to combine the leverage with bonds issuance.
· PGAS is trading at 2011F consensus PER of 12.6x and EV/EBITDA of 8.2x.
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