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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
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