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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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Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Australian Coal Association
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
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