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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, 26 May 14
SUB-BIT FOB INDO COAL SWAP Q1' 15 DELIVERIES CLOSED AT US$ 59.40 PER MT
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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
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Showing 3686 to 3690 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Posco Energy - South Korea
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
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