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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, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
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- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- The University of Queensland
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
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