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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, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- The University of Queensland
- White Energy Company Limited
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
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