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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Posco Energy - South Korea
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
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