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Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
 Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Ratings says.
Market expectations of oversupply and weak gas prices have curtailed new investment activity in the sector in the past two years. Limited capacity additions beyond 2020 should be positive for spot prices, especially in Asia and Europe. This will benefit LNG projects with significant uncontracted volumes and those linked to gas spot prices.
An unprecedented wave of new projects becoming operational in 2016-2019 has not resulted in, and is unlikely to result in a material surplus in the LNG market in the medium term. Additional LNG volumes continue to find a home across a diverse array of countries and new buyers, and under more flexible contracts.
Funding for new LNG capacity is often structured as non-recourse project finance and is dependent on sponsors’ ability to secure long-term offtake agreements, which buyers have been less willing to sign in anticipation of larger volumes of uncontracted LNG coming to the market. Therefore, sponsors may need to commit a higher equity contribution to get funding for LNG projects, which will continue to delay final investment decisions (FIDs) for some time. A typical timeframe for a new LNG project to become operational following the FID is four to five years. Due to limited new FIDs very few new projects will come on stream in the early 2020s. FIDs in the next one to two years are likely to be limited to projects with lower capital and operating costs given constraints on the funding side.
We expect gas demand to continue its robust growth in the coming years, mostly driven by Asian markets that account for two-thirds of overall LNG demand. This is due a combination of healthy power demand growth in the region, natural gas being the fossil fuel of choice in pursuit of curbing air pollution, and the backlash against nuclear energy. Japan is currently the largest LNG importer, but China is catching up quickly and becoming the major market for LNG.
The LNG market could shift into deficit by 2022-2025. Gas pricing is therefore likely to improve in the major importer markets, benefiting LNG projects relying on spot and hub pricing and entities with significant LNG trading portfolios. We also expect oil companies to gradually return to their earlier LNG ambitions. This includes oil majors, like Shell, BP and Total, most of which emphasise the growing role of gas in the global energy mix.
The LNG market is still in its formative stage. Pricing mechanisms, contract terms and financing structures continue to evolve. Long-term oil-linked contracts are giving way to increased trading activity, which represented around a quarter of all new contracts in 2017, according to IGU World Gas LNG Report, compared to just 1% in 2012. New large LNG projects still rely on long-term contracts in order to secure financing. However, elsewhere contracts are becoming shorter, and the quality of counterparties is declining. Contract prices are increasingly de-linked from oil pricing with a growing focus on spot and hub-based gas pricing.
Fitch-rated rated LNG projects will not be significantly affected by the trend towards increasing commoditisation. In the US, rated projects, such as Cameron LNG and Sabine Pass, benefit from robust contractual frameworks that provide mitigation to completion risks and often employ tolling or tolling-like arrangements that protect cash flows from volume and price risks. RasGas in Qatar mostly relies on long-term oil-linked contracts.
Source: Fitch Ratings
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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- White Energy Company Limited
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
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