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Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
 Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A+/Stable) underscores CNPC's strategic role in the country's gas pipeline infrastructure and helps China to secure adequate gas supply over the medium term, especially for the north-eastern part of the country.
Under the deal, Gazprom will supply 38 billion cubic metres (bcm) of gas a year starting around 2018 at a price that sets a new benchmark for what China is willing to pay for natural gas over longer term contracts.
The agreement also demonstrates China's determination to switch to cleaner energy. China used around 168bcm of natural gas in 2013 and aims to use over 400bcm in 2020. The import agreement will meet close to 10% of China's consumption of natural gas in the medium term. Although China has substantial gas resources, exploiting the large unconventional reserves is technologically challenging. In 2013, the country imported nearly 30% of its gas requirement. We expect imports to increase as a share of total consumption in the medium term.
The new deal helps diversify the sources of China's natural gas imports, now mainly Turkmenistan and shipments of liquefied natural gas (LNG). It follows an agreement by CNPC in 2013 to take an equity stake in a Russian LNG project and buy gas from the project, which is controlled by Russia's OAO Novatek (BBB-/Stable).
While pricing for the Gazprom deal has yet to be announced, it appears from numbers reported in the media that the price will likely be at or above USD350 per thousand cubic metres (CNY2.2 per cubic meter), which is about 60% cheaper than China's current LNG imports and similar to the price for imports from central Asia. Although Fitch does not expect LNG imports to fall significantly because the use of natural gas in China is increasing, the agency believes the Gazprom deal will help reduce upward pressure on import prices in the medium term.
China has been and will continue to increase domestic gas selling prices that are controlled by the state, which should ensure profitability for operators like CNPC. For example, following gas price increases to-date, CNPC reported profits in its mid-stream gas operations in 4Q14 after losses during which high import costs sapped profitability.
For domestic gas producers, the Gazprom deal will provide incentive to further invest in natural gas exploration and production because the deal's expected price is higher than domestic production and as the authorities are expected to liberalise domestic natural gas pricing in the next couple of years. The indicative Gazprom deal price is at least 40% more than the current spot price for domestic gas, which ranges from CNY1 to CNY1.6 per cubic meter. Fitch believes the Gazprom deal is positive for CNPC, which holds over 60% of China's gas reserves and whose realised natural gas prices from its domestic productions in 2013 were around USD180 per thousand cubic metres.
CNPC will be responsible for building the pipelines and storage facilities in China under the deal. That the state has tasked CNPC to take on such important responsibility indicates that CNPC continues to play a strategic role in China's gas infrastructure, even though its subsidiary PetroChina said in May 2014 that it would eventually sell all of its stake in the First and the Second West-East Gas Pipeline to private investors.
To domestic city gas operators, especially in the north-eastern region, the deal soothes the concerns about gas supplies over the medium term. In Fitch's view, the agreement is positive for city gas operators such as China Resources Gas (BBB+/Stable), ENN Energy (BBB/Positive) and China Gas Holdings.
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Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Planning Commission, India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
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