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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
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