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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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Friday, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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Showing 3726 to 3730 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
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