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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Planning Commission, India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
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