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