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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
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