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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Planning Commission, India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
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