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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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- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
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