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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
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