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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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Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
Monday, 05 May 14
HUANENG CLEAN ENERGY RESEARCH INSTITUTE HAS CONFIRMED TO SPEAK AT CCF2014
Press Release: Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite ...
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- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Siam City Cement - Thailand
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
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