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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- White Energy Company Limited
- PTC India Limited - India
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