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