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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, 22 April 14
INDONESIAN MARCH COAL EXPORT VOLUME SURGE 9.12% TO 35.54 MMT
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.9 ...
Tuesday, 22 April 14
NEWCASTLE WEEKLY COAL EXPORTS FELL 13.33% THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 21 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Monday, 21 April 14
Q1'15 SUB-BIT FOB INDONESIA COAL SWAP SHOWING A POSITIVE TREND
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
Monday, 21 April 14
Q4 2014 AND Q1 2015 COAL SWAPS CLOSED MARGINALLY HIGHER COMPARED TO Q2 PRICES
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 0.87 percent month on month and closed at US$ 76.15 per mt as ...
Monday, 21 April 14
DRY BULK MARKET UPS AND - MOST RECENTLY - DOWNS OFFERS NO ROOM FOR RELAXING AMONG DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's latest demise, with the market retrating once again, since the end of March, has come at a time, when most ship owners ...
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- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
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