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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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Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
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- Planning Commission, India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Australian Coal Association
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
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