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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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