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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
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