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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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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Planning Commission, India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
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