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