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