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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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- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
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