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