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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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Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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Showing 2086 to 2090 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Planning Commission, India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- VISA Power Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
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