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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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Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
Friday, 06 June 14
RICHARDS BAY COAL TERMINAL SHIPPED 4.221 MMT OF COAL TO SOUTHERN ASIAN COUNTRIES IN MAY
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.58 million tons ...
Thursday, 05 June 14
RBCT SOUTH AFRICA SHIPPED 21% LESS COAL IN APRIL COMPARED TO MARCH EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 5.45 million tons ...
Thursday, 05 June 14
PANAMAX : THIS WEEK STARTED IN A SLOW PACE - FEARNLEYS
Handy
After last week's silent and unexciting week we see some more activity this week, especially from the South American market. The rates ...
Thursday, 05 June 14
PORT OF NEWCASTLE SHIPPED 2.91 MMT OF COAL IN THIS PAST WEEK
COALspot.com: The figure constitutes a 4.30 percent higher compared to the previous week, following a week on week decreased of 19.13 percent recor ...
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- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- White Energy Company Limited
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
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