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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
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