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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Australian Coal Association
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
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