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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- The University of Queensland
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
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