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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- The University of Queensland
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
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