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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
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