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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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Sunday, 18 May 14
FREIGHT RATES ARE EXPECTED TO BE FIRM NEXT WEEK
COALspot.com: The freight market was steady with the BDI was closed slightly higher at 1027 points or up 3.00 pct week on week.
The Cape ...
Friday, 16 May 14
KOMIPO IS LOOKING FOR 60K MT OF LOW VOLATILE BITUMINOUS COAL
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 60,000 Metric Tons (MT) of low volatile bitumi ...
Friday, 16 May 14
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 15 May 14
PANAMAX : SHORT PERIOD UP TO ONE YEAR REPORTED IN THE 12.000-12.500 RANGE - FEARNRESEARCH
Handy
The Supra and handy market seems to be affected by the recent holidays in Singapore which still relatively quiet. There are some Indo / ...
Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
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- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
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