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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, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- The University of Queensland
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
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