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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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Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Thursday, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
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- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
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