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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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Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
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- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- The University of Queensland
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
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