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