13 March 2026 Eliot Camplisson* Co-Head GIR Asia-Pacific & Global Equity Research The Hongkong and Shanghai Banking Corporation Limited eliot.camplisson@hsbc.com.hk +852 2822 1622 Global Sector Analyst Energy disruption: second-order consequences As the Middle East conflict continues, the next-order effects have begun to form. Our global equity teams look across their coverage, identifying key areas to watch and the stocks that would be most and least impacted by a prolonged conflict. As oil & gas prices ha ...

March 9, 2026 11:19 PM GMT Asia Energy | Asia Pacific Key Investor Asks Exhibit 2 : Asia Power and Gas Pipeline: Middle East LNG Exposure | Company | Country | (% of Total) Gas-fired Generation | LNG in gas supply mix (%) | supply) of total gas SoH LNG (% Generation Units Net LNG Exposure on | | Units on Generation Net SoH Exposure | Remarks | | --- | --- | --- | --- | --- | --- | --- | --- | | Power Generators Sembcorp Keppel GPSC Gulf Development | Singapore Singapore Thailand Thailand Malaysia | 80% 90% ...