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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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Showing 3706 to 3710 news of total 6871 |
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- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
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