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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
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