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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
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