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