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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
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