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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 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Planning Commission, India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Economic Council, Georgia
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