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