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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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Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Planning Commission, India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
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