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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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Monday, 05 May 14
SUB BIT-FOB INDONESIA COAL SWAPS LOST GROUND LAST WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports ...
Monday, 05 May 14
API 8 CFR SOUTH CHINA COAL SWAP FOR AVERAGE Q3 14 DELIVERIES: LOST 0.82% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 0.82 percent month on month and closed at US$ 75.20 per mt as o ...
Sunday, 04 May 14
INDONESIA TO INDIA FREIGHT RATES ARE SHOWING POSITIVE TREND
COALspot.com: The freight market is seems to be some recovery as cape index has increased by 7.84 pct week on week. Cape index closed at 1829 po ...
Friday, 02 May 14
ADARO ENERGY STARTS YEAR 2014 WELL DESPITE CURRENT MARKET CONDITIONS
COALspot.com: Adaro Energy, the second largest Indonesian coal miner's revenue increased 14% to US$ 845 million due to higher sales volume, ...
Friday, 02 May 14
US WEEKLY COAL PRODUCTION RELATIVELY FLAT AT -0.1%, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
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- Australian Coal Association
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Planning Commission, India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
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