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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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Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
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