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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- MS Steel International - UAE
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Planning Commission, India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
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