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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Planning Commission, India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
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