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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, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- The University of Queensland
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
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