City-gate Price Cut Reaffirms Our Positive Outlook On Gas Distributors; Neutral On Midstream Players
We believe the recent cut of CNY 0.10 per cubic meter in the city-gate price effective Sept. 1 for non-residential users is a positive development for China’s city gas distributors and is in line with our expectation that government policies will remain favorable to promote the use of natural gas. Although we do not expect an improvement in dollar margin in the long term as the savings in feedstock costs will be gradually passed through to consumers, we think the lower natural gas prices will co...
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