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Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
 Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain unaffected by a weakening of the Indonesian rupiah, which has depreciated by 10% between February and August 2013.
According to Fitch's latest report, this is due to a high degree of USD-linked cash flows relative to the companies' USD-denominated liabilities and expenses, or strong linkages with and fiscal support from the state to entities that provide a public service obligation. Furthermore, many of the companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable), and Star Energy Geothermal (B+/Stable) are insulated from the currency depreciation as their earnings are predominantly in USD. This provides a strong natural hedge to debt obligations, much of which are USD-denominated. Profit margins of thermal coal producers can benefit to an extent as some of their operating costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not immediately affected as the ratings are equalised with that of the Republic of Indonesia (BBB-/Stable), owing to the strategic and operational importance of these entities to the state. Both PLN and Pertamina perform public service obligations, selling fuel and electricity below market prices for which they are compensated via a subsidy reimbursement mechanism. The weakened rupiah increases the operating costs of these two entities as raw materials - coal, gas and oil - will increase, resulting in a higher subsidy requirement from the government under the subsidy mechanism under which they operate. In the event the total subsidy requirement exceeds the approved annual budgetary allocation, Fitch believes the government will approve a higher budget to accommodate any additional amounts.
Given recent increases of certain petroleum products and the elections due in 2014, the prospect of further immediate electricity or fuel price increases may be limited. Both PLN and Pertamina have large capital expenditure requirements and the weakened rupiah will increase the outflow in local currency terms which will increase the financial leverage of these two entities than earlier forecast by Fitch. However, strong state support and ready access to funding markets underpin their liquidity profiles.
All Fitch credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link:
Http://fitchratings.com/understandingcreditratings.
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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- The University of Queensland
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
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