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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
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