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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, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
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- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- The University of Queensland
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Malabar Cements Ltd - India
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