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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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Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Thursday, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
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- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
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