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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
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