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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, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
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