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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
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