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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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