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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
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