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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, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
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