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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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Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
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Showing 1611 to 1615 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
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