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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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Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 19 May 14
API 8 CFR SOUTH CHINA COAL LOST 2.49% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.49 percent month on month and closed at US$ 74.35 per mt as on F ...
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- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- The University of Queensland
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
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