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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
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