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Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
 Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, with an increasing share of liquefied natural gas in their overall production mix amid a low oil price environment. Australian liquefied natural gas (LNG) volumes are typically sold under long-term contracts with oil-indexed prices. Low oil prices will, therefore, have a higher impact on their 2015 margins, given lags against oil price changes.
Any adverse impact on their credit profiles from current low oil prices will, however, be manageable in the near-term. Sustained very low oil prices will, nonetheless, have a meaningful impact on their margins and trim their rating headroom. Companies have responded through announcements of sizeable capex and opex cuts in 2015 to manage the impact of an extended period of low oil prices. These include scale-back and deferral of capex related to exploration and international development activities and a focus on costs and operational efficiencies, but at the cost of long-term earnings potential.
Australian upstream companies will focus on core exploration and production activities in the current low oil price environment and are likely to monetise non-core asset in the medium-term. These will include sales of gas pipelines related to liquefaction facilities under development in Queensland. Falling oil prices and balance sheet pressures faced by other producers, have, however, also presented growth opportunities for the larger Australian producers. For instance, Woodside Petroleum Ltd (Woodside, BBB+/Stable) announced its agreement to acquire Apache Corporation's (BBB+/Stable) equity in the Australia-based Wheatstone LNG development and in the Canada-based Kitimat LNG project in December 2014; Origin Energy Ltd (Origin, BBB+/Stable) announced its conditional agreement to acquire 40% in two offshore exploration permits in the Browse basin in June 2014.
Australian gas liquefaction capacity will be significantly higher by end-2015 with the start of liquefaction capacity currently under development. Moreover, production capacity growth will remain higher over 2016 to 2018 reflecting a ramp-up across a number of these developments and the expected start of other committed projects under development.
Australian projects, however, face higher development costs, with continuing cost-overruns and schedule slippages. Four out of the seven Australian LNG projects under construction have made cost revisions and schedule change announcements since their first approval. Further announcements of project cost-blowouts and schedule delays are likely as more projects move towards completion. Some 58 million tonnes per annum (mtpa) of capacity is presently under development in Australia compared to the 28mtpa in operation at end-2014.
The price for Australian LNG supplies will be lower in 2015 reflecting loose demand-supply conditions in Asia and the flow-on impact of oil prices during the year. High supply costs of Australian LNG and lower Asian LNG prices will moderate buyer appetite for further new Australian projects. We, therefore, expect a slowdown in further capacity additions. There had been a considerable slowdown in approval of new LNG projects since 2011, with no new LNG trains committed in the past two years.
The credit profile of Australian upstream companies will reflect the near-term benefits of their announced capex and opex cuts, with any consequent adverse impact on long-term earnings potential. Furthermore, sales proceeds from any non-core asset sales will support their credit profile. However, the companies are more exposed to lower earnings from a sustained deterioration in oil prices, resulting in lower headroom within their current rating levels. Any upward rating action is unlikely given expectations of a slow recovery of oil prices. Liquidity remains adequate, with sizeable cash balances and undrawn committed facilities as at 31 December 2014.
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Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
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- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Parliament of New Zealand
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
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