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Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
 Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector participation in the country's refining industry. The rating agency believes the established state-owned players will maintain their dominant market position in the country's oil and gas sector in the near to mediumn term.
China's Ministry of Commerce announced on 23 July that refiners or petrochemicaln companies that have at least one crude distillation unit with minimum yearly processing capacity of 2 million tonnes, oil storage capacity of 300,000 tonnes, and an available credit line of USD1bn from commercial banks, among other criteria, would be eligible to apply for a licence to import crude oil. Previously, the criteria included two years' experience in importing oil, which effectively ruled out many private refiners.
Fitch views this as only an initial step towards increasing private-sector participation in a market that has been dominated by state-owned enterprises (SOEs). Independent refiners' profitability could be enhanced, as those with an import license will be able to source for crude oil from more than just the country's current five designated importers, which include the three biggest oil and gas SOEs.
This latest change and the liberalisation of oil product prices that was effective September 2013 will encourage the upgrading or phasing-out of inefficient, small-scale facilities.
The incentives for private-sector companies to expand in China's refining industry, though, remain limited by regulation of oil product exports, domestic product price controls (albeit loosened), and limited domestic marketing channels. The slower demand growth in the near term and refining overcapacity, especially for diesel, would also reduce the benefits from the new rules.
The Big Three oil and gas SOEs - China National Petroleum Corporation (CNPC,A+/Stable), China Petroleum & Chemical Corporation (Sinopec, A+/Stable) and CNOOC Limited (A+/Stable) - account for over 70% of the country's refining capacity. Fitch does not expect the three companies' strong market positions and strategic importance to the state to be eroded in the foreseeable future, although their oil trading profits may be modestly trimmed. The new rules mark a continuation of the government's push for more private-sector participation in the oil and gas sector, in the same vein as Sinopec's sale of part of its marketing unit in 2014 and CNPC's disposal of some of its pipeline assets in 2013.
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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
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- Ministry of Mines - Canada
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- SMG Consultants - Indonesia
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- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
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- Posco Energy - South Korea
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- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- The University of Queensland
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
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- Indian Energy Exchange, India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
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- Central Electricity Authority - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
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- Australian Coal Association
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- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
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- Eastern Energy - Thailand
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- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
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- International Coal Ventures Pvt Ltd - India
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- Attock Cement Pakistan Limited
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- Renaissance Capital - South Africa
- Parliament of New Zealand
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- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
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- MS Steel International - UAE
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- Sical Logistics Limited - India
- Xindia Steels Limited - India
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- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
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- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
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- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
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- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
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