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