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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
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