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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, 29 April 14
NEWCASTLE SHIPPED 3.03 MILLION TONS WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 28 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Tuesday, 29 April 14
Q2 API 8 CFR SOUTH CHINA COAL SWAP LOST 0.29% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 0.29 percent month on month and closed at US$ 75.43 per mt as o ...
Monday, 28 April 14
CHINA LIKELY TO FALL SHORT OF NUCLEAR POWER TARGETS AT 175GW OF CAPACITY BY 2030 - WOOD MACKENZIE
Coal will remain dominant supply at 64% of power mix
Wood Mackenzie forecasts that China will not meet its environmentally-driven, government ...
Sunday, 27 April 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK
COALspot.com: The freight market seems to have bottomed out and saw some marginal gains in all segments, said Capt. Reddy of Vistaar Shipping In ...
Friday, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
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