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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
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