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