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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, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
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