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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, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- The University of Queensland
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
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