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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
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