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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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Sunday, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- Planning Commission, India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- The University of Queensland
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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