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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, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Deloitte Consulting - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
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