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