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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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Showing 2051 to 2055 news of total 6871 |
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- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
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