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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
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