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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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