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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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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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Showing 3626 to 3630 news of total 6871 |
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- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
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