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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
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