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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Bhushan Steel Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
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