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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
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