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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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
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