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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- The University of Queensland
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
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