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