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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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Tuesday, 29 April 14
NEWCASTLE SHIPPED 3.03 MILLION TONS WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 28 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensl ...
Tuesday, 29 April 14
Q2 API 8 CFR SOUTH CHINA COAL SWAP LOST 0.29% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 0.29 percent month on month and closed at US$ 75.43 per mt as o ...
Monday, 28 April 14
CHINA LIKELY TO FALL SHORT OF NUCLEAR POWER TARGETS AT 175GW OF CAPACITY BY 2030 - WOOD MACKENZIE
Coal will remain dominant supply at 64% of power mix
Wood Mackenzie forecasts that China will not meet its environmentally-driven, government ...
Sunday, 27 April 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK
COALspot.com: The freight market seems to have bottomed out and saw some marginal gains in all segments, said Capt. Reddy of Vistaar Shipping In ...
Friday, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
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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- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
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