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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- London Commodity Brokers - England
- Aditya Birla Group - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
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