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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, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
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