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