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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- The University of Queensland
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
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