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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, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
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