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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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Showing 3706 to 3710 news of total 6871 |
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- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
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