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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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- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
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- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
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- Star Paper Mills Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
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- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
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- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
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- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
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- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
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- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Orica Mining Services - Indonesia
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- Merrill Lynch Commodities Europe
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- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- PTC India Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
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- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- The Treasury - Australian Government
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- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
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- Samtan Co., Ltd - South Korea
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- Attock Cement Pakistan Limited
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- The University of Queensland
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- Standard Chartered Bank - UAE
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- Parliament of New Zealand
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- Bangladesh Power Developement Board
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- Economic Council, Georgia
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- Electricity Authority, New Zealand
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- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
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- Eastern Coal Council - USA
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- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
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- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
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- Metalloyd Limited - United Kingdom
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- Petron Corporation, Philippines
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- SMC Global Power, Philippines
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- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
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