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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Planning Commission, India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
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