瑞信-全球-石油与天然气行业-液化天然气的复杂世界解释第三卷-20170908-credit suisse-the world of lng the complex world of lng explained vol. iii

《瑞信-全球-石油与天然气行业-液化天然气的复杂世界解释第三卷-20170908-credit suisse-the world of lng the complex world of lng explained vol. iii》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、8September2017GlobalEquityResearchOil&GasTheWorldofLNGTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverCOMMENTincisivecross-sectorandcross-borderthematicinsightsforourclients.ThecomplexworldofLNGexplainedvol.IIIResear

2、chAnalystsThomasAdolffThisisthethirdeditionofthisseries,whichwefirstlaunchedinSeptember442078889114thomas.adolff@credit-suisse.com2015.ThisreportismeanttobeeducationalprovidingupdatessincethelastDavidHewittpublicationasopposedtooneinwhichwemakechangestoourviews.

3、The4163524583themeisthusunchanged:thetwinpillarsofcostandpolicyinnovationaredavid.hewitt@credit-suisse.comcriticaltoensurethatthemuchtoutedgoldenageingasbecomesareality.IlkinKarimli2017hasseenanumberofinterestingupdates,includingencouragingpolicy442078830303ilki

4、n.karimli@credit-suisse.comsupport,customers'pushawayfromdestinationrestrictionclauses,RussiaMarkSamterbecomingmoreassertiveonmarketshareinEurope,andtheliftingofQatar's61282054537moratorium.Themedium-termoutlook(ofpotentialexcess)is,however,mark.samter@credit-su

5、isse.comunchanged,whileQatar'sstrategyisblurringthepicturefortheperiodbeyond.BadrinathSrinivasan912267773698■IsRussiabecomingmoreassertive?Pricingflexibilityisleadingtomorebadrinath.srinivasan@credit-suisse.comthanjustpreservingmarketshare;datatoJulyshowexportst

6、oWesternHoraceTseEuropehaverisenby14%y/yagainstabackdropofrelativelystable85221017379demand.Thereismore–NordStreamundertheThirdEnergyPackagehorace.tse@credit-suisse.commayhavetobesharedwithdifferentgassuppliers,whichcanincludeBhaveshLodaya2123252337independentRu

7、ssiangasproducers.Ifso,Russiawouldbeabletobhavesh.lodaya@credit-suisse.comcompetewithLNGmoreefficiently,withGazpromsupplyingthe'baseload'YaroslavRumyantsevandindependentspotentiallycapturingincrementaldemand,thereby442078831722yaroslav.rumyantsev@credit-suisse.c

8、omwinningmarketshareoverLNG.Somethingtocloselymonitor.SpecialistSales:JasonTurner■Qatarthebigsurprise.Qatarhassurprisedtheindustrybyliftingthe442078881395moratoriumon