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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, 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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- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Australian Coal Association
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
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