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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
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