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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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Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- White Energy Company Limited
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
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