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