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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- White Energy Company Limited
- Australian Coal Association
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- VISA Power Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
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