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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
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