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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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Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
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- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- The University of Queensland
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
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