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