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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, 26 May 14
SUB-BIT FOB INDO COAL SWAP Q1' 15 DELIVERIES CLOSED AT US$ 59.40 PER MT
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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
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- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Australian Coal Association
- The University of Queensland
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
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