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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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- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
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