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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, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
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- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- White Energy Company Limited
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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