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