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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, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
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Showing 3656 to 3660 news of total 6871 |
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- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- The University of Queensland
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
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