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