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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 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Marubeni Corporation - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
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