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Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
 Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Ratings says.
Market expectations of oversupply and weak gas prices have curtailed new investment activity in the sector in the past two years. Limited capacity additions beyond 2020 should be positive for spot prices, especially in Asia and Europe. This will benefit LNG projects with significant uncontracted volumes and those linked to gas spot prices.
An unprecedented wave of new projects becoming operational in 2016-2019 has not resulted in, and is unlikely to result in a material surplus in the LNG market in the medium term. Additional LNG volumes continue to find a home across a diverse array of countries and new buyers, and under more flexible contracts.
Funding for new LNG capacity is often structured as non-recourse project finance and is dependent on sponsors’ ability to secure long-term offtake agreements, which buyers have been less willing to sign in anticipation of larger volumes of uncontracted LNG coming to the market. Therefore, sponsors may need to commit a higher equity contribution to get funding for LNG projects, which will continue to delay final investment decisions (FIDs) for some time. A typical timeframe for a new LNG project to become operational following the FID is four to five years. Due to limited new FIDs very few new projects will come on stream in the early 2020s. FIDs in the next one to two years are likely to be limited to projects with lower capital and operating costs given constraints on the funding side.
We expect gas demand to continue its robust growth in the coming years, mostly driven by Asian markets that account for two-thirds of overall LNG demand. This is due a combination of healthy power demand growth in the region, natural gas being the fossil fuel of choice in pursuit of curbing air pollution, and the backlash against nuclear energy. Japan is currently the largest LNG importer, but China is catching up quickly and becoming the major market for LNG.
The LNG market could shift into deficit by 2022-2025. Gas pricing is therefore likely to improve in the major importer markets, benefiting LNG projects relying on spot and hub pricing and entities with significant LNG trading portfolios. We also expect oil companies to gradually return to their earlier LNG ambitions. This includes oil majors, like Shell, BP and Total, most of which emphasise the growing role of gas in the global energy mix.
The LNG market is still in its formative stage. Pricing mechanisms, contract terms and financing structures continue to evolve. Long-term oil-linked contracts are giving way to increased trading activity, which represented around a quarter of all new contracts in 2017, according to IGU World Gas LNG Report, compared to just 1% in 2012. New large LNG projects still rely on long-term contracts in order to secure financing. However, elsewhere contracts are becoming shorter, and the quality of counterparties is declining. Contract prices are increasingly de-linked from oil pricing with a growing focus on spot and hub-based gas pricing.
Fitch-rated rated LNG projects will not be significantly affected by the trend towards increasing commoditisation. In the US, rated projects, such as Cameron LNG and Sabine Pass, benefit from robust contractual frameworks that provide mitigation to completion risks and often employ tolling or tolling-like arrangements that protect cash flows from volume and price risks. RasGas in Qatar mostly relies on long-term oil-linked contracts.
Source: Fitch Ratings
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Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
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Showing 1611 to 1615 news of total 6871 |
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- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
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