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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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