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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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Wednesday, 04 June 14
SKULD: DIVERSIFICATION AND A ROBUST BOTTOM LINE
In February, I was delighted to ring in the new policy year with the Skuld team following a solid renewal round and a strong year. 2013 was, in man ...
Monday, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
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, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
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- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
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