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