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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- The University of Queensland
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
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