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oil

  • 30
    JUL15
    Oil & gas – foreign companies might receive guarantee to develop discovered oil and gas fields

    The Ministry of Natural Resources has submitted a draft law to the government, under which foreign companies might receive a guarantee to develop discovered oil and gas fields of federal importance, i.e. with reserves of more than 70mmt of crude or 50bcm of gas, reports Vedomosti. Such guarantee might be granted along with the exploration licence if the company has no financial liabilities to the government,...

  • 23
    JUL15
    Oil and gas sector – Presidential Commission on the Energy Industry might take place in October

    The Presidential Commission on the Energy Industry might be held in October, according to Vedomosti, with the following items potentially on the agenda. Amendments to the tax manoeuvre Potential access of independent oil companies to offshore deposits Liberalisation of LNG exports Increasing the depth of refining in Russia Sustaining crude production growth Chinese exports of oil and gas Independent gas producers’ access to exports via the Power of Siberia pipeline ...

  • 21
    JUL15
    Oil sector – retail gasoline prices rose 0.2% over the last week

    ... today, the internal market premium stands at USD 11/t and USD 29/t in the Central Region and Western Siberia, respectively, while on Monday 13 July it was minus USD 57/t and minus USD 35/t, respectively. There have been negative premiums on the domestic oil product market from time to time since the beginning of the year, which was reflected in the 3% YoY decrease in refining throughput by Russian integrated oils in 5mo15. As we have said before, were the internal market premium for oil products (namely,...

  • 13
    JUL15
    Oil companies – wholesale gasoline price decreased 1.5% last week

    ... Region and Western Siberia, respectively. A couple of weeks ago, on Monday 29 June, the internal market premium was plus USD 11 and plus USD 45 in the Central Region and Western Siberia, respectively. There have been negative premiums on the domestic oil product market from time to time since the beginning of the year, which was reflected in the visible 2% YoY decrease in refining throughput by Russian integrated oils in 1Q15. As we have said before, were the internal market premium for oil products ...

  • 22
    JUN15
    RUB: following oil

    On Friday, the Russian FX market corrected, dragged down by the fall in oil prices and slowdown in export hard currency selling flow. Brent had a heavy session, losing 3.4% during the day and bottoming to USD 60.8/bbl. Moreover, it seems that the support from the export side moderated on Friday as MICEX turnover amounted ...

  • 10
    JUN15
    RUB: oil supports the market

    Yesterday, volatility on the Russian FX market calmed down, while RUB got solid support due to the 4.5% uptick in the oil prices (Brent closed at USD 64.2/bbl yesterday). RUB opened a bit softer, having scratched the 56.10 level, but in the afternoon the oil factor started to play a major role, so RUB settled on a rising trend, ending the session at 55.55 (+0.8%) against ...

  • 8
    JUN15
    Oil companies – Euro-4 gasoline ban might not be postponed beyond 2016

    The ban on Euro-4 gasoline sales in Russia might not be postponed beyond 2016 and could come into effect next year, as planned, according to Vedomosti. Rosneft and Lukoil have said that they are ready to supply gasoline on the domestic market to avoid a deficit. The majority of Russian oil companies might be able to replace Euro-4 fuel production with Euro-5 by the end of this year, we think. Lukoil and Bashneft have ...

  • 3
    JUN15
    Oil and Gas - After four years of decline, dividends key

    Yesterday, we published Russian Oil and Gas - After four years of decline, dividends key. Excerpts from the front page are given below. The sector’s profitability has been on a declining trend for the fourth consecutive year, and not just because of worsening macro. We think that ...

  • 28
    MAY15
    Oil companies – oil production outpaces oil reserves growth

    The recoverable oil reserves (ABC1) in Russia have increased 0.55% to 18.3bnt, according to Igor Shpurov, Head of the State Committee for Mineral Reserves, Vedomosti reports. At the same time, the Ministry of Energy has reported reserves (ABC1+C2) growth of 750mnt, the ...

  • 20
    MAY15
    RUB: can’t resist oil

    Yesterday, risk sentiment on the Russian FX market was spoiled by a dive in oil prices as well as MinFin’s statements on FX purchase for external redemption financing. Later, in its commentaries to RIA news agency, the CBR clarified that MinFin was buying FX not through the open market, but directly from ...

  • 6
    MAY15
    RUB: on the wheels of oil

    Yesterday, Brent gained 2.3% (from last Thursday) to close at USD 66.4/bbl. Subsequently, RUB firmed 2.1% (also vs. Thursday) against USD and ended at 50.51. Meanwhile, the EM FX index declined 0.7% for the same period, with TRY being 1.2% in the red, whilst NOK was down 0.6%.

  • 6
    MAY15
    Oil and gas – tax breaks for companies using Russian equipment in exploration might be introduced

    Prime Minister Dmitry Medvedev has requested that the ministries of Finance, Economy, Energy and Natural Resources develop a mechanism of tax breaks for Russian oil and gas companies using domestic equipment in exploration activities, according to Kommersant. The mechanism might imply deductions of exploration expenses from taxable income, starting from 2016. No further details are available yet. The ministries ...

  • 20
    APR15
    Oil companies might get easier access to hard-to-recover oil

    The Ministry of Natural Resources has suggested easing access to hard-to-recover oil via cancelling auction payments and granting licences based on requests, according to Sergei Donskoy, the Minister of Natural Resources, Kommersant reports. The only requirement within the licence would be to start operating on schedule. Under current ...

  • 17
    APR15
    RUB: flat in spite of higher oil

    Yesterday, trading activity on the FX market increased, with MICEX reporting USD 4.5bn of USDRUB turnover. During Moscow trading hours, RUB was a bit volatile and paid little attention to the continuing recovery in crude prices. However, late in the evening RUB gained a stronger footing, moving sharply to 49.65 from the 50.10 seen mid-day. Hence, RUB closed at 49.81 (-0.2%), and Brent jumped 3.3% to USD 62.2/bbl. The EM market closed in the black, with the EM FX index up 0.5% against USD. ZAR outperformed...

  • 16
    APR15
    Oil companies – FAS might initiate investigation into recent kerosene price hike – neutral

    The Federal Anti-Monopoly Service (FAS) might initiate an investigation into the recent kerosene price increase, according to Igor Artemiev, the Head of the regulator, Vedomosti reports. The tax manoeuvre has set the export duty for kerosene at 48% of oil export duty in 2015, from 65% in 2014. As a result of the change in both the policy and the macro environment, the kerosene domestic market premium has decreased from USD 54/t in 4Q14 to USD -96/t in 1Q15, for the central region, we calculate. As ...

  • 16
    APR15
    RUB: encouraged by oil

    Yesterday, RUB enjoyed another strong session. At the opening, USDRUB dipped 1.0% to 50.50, consolidating at this level until the evening. However, rising oil prices spurred further RUB strengthening, pulling USDRUB below 50.00. As a result, RUB gained 2.5% on the day, closing at 49.73, its highest since December. Meanwhile, Brent climbed 4.5% to USD 60.2/bbl. Despite the start of the tax period, trading ...

  • 15
    APR15
    Russian Oil & Gas – wholesale kerosene prices hiked 26% for the last two months on SPIMEX

    ... to the Federal Antimonopoly Service (FAS) to investigate the recent kerosene price hike at airports. According to the paper, fuel prices at some airports rose 10-15% for the last month. The tax manoeuvre has set the export duty for kerosene at 48% of oil export duty in 2015, from 65% in 2014. As a result of the change in both the policy and the macro environment, the kerosene domestic market premium has decreased from USD 54/t in 4Q14 to USD -96/t in 1Q15, for the central region, we calculate. As ...

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