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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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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- PTC India Limited - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
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