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Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
 Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record crude production levels, Rosneft's acquisition of Bashneft in October 2016 and subsequent privatisation, as well as Gazprom's record gas sales to Europe.
According to Fitch Ratings the completed EUR10.2bn sale of a 19.5% stake in Rosneft to Glencore and the Qatar Investment Authority (QIA) is an important milestone for the sector. The ownership structure of the joint venture appears transparent: Fitch understands the joint venture that holds the stake in Rosneft is owned in equal shares by Glencore and QIA. Fitch does not rate Rosneft and therefore does not have detailed information on the transaction, but information reviewed by Fitch to date has confirmed the shareholding structure and fully resolved the agency's other questions raised at the Oil & Gas conference: "The Time for Cautious Optimism in Moscow on 15 February 2017".
In September-October 2016, Russia increased oil production by some 500,000 barrels of oil equivalent to the record volume of 11.23 million barrels of oil equivalent (mmboepd), mainly due to the launch of and continuing ramp-up across several large greenfields. Following the OPEC deal at end-November 2016, Russia agreed to cut production by some 300mboepd, bringing the post-deal volumes to 10.9mmboepd.
Fitch Ratings further noted that, in 9M16, production from certain Russian oil brownfields increased and natural decline rates moderated, mainly on significantly higher production drilling volumes that some producers demonstrated. Brownfield taxation remains high - the mineral royalty (MET) and the export duty account for 50%-60% of a typical brownfield's revenue - limiting further brownfield production growth potential.
Most Fitch-rated Russian oil and gas companies are on Stable Outlook. The Stable Outlook is driven by our expectation of stable crude production volumes and improving upstream profitability on higher forecast oil prices. Unlike their western European peers, Russian oil and gas companies did not significantly reduce capex or headcount in 2016.
Falling oil prices and taxation changes lowered downstream profitability in 9M16, resulting in higher crude exports and a 20% reduction in fuel oil production. We forecast Russian downstream to continue performing at levels similar to or slightly better than those in 2016, said Fitch Ratings.
Due to competitive gas prices and cold weather, Gazprom posted record high gas sales in Europe in 2016, while its financial results suffered from falling average gas prices. We expect Gazprom's funds from operations (FFO) net leverage to increase to around 2x on high capex; nonetheless, the leverage remains within our rating guidance.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
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