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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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Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
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 ...
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Showing 3651 to 3655 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
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