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