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Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
 COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative financial impact on a number of Indian power and steel companies, says Fitch Ratings.
The decision is broadly credit negative for these sectors, but should have no impact on the ratings of any Fitch-rated steel or power sector corporates.
According to Fitch, the decision to cancel 214 of 218 coal licences follows a ruling in August in which the SCI declared the licence allocation process as arbitrary and illegal. The cancelled licences include 46 producing or near-production blocks, and are owned largely by power and steel sector companies. The producing mines will be allowed to continue operations until March 2015, at which point they will be handed back to state firm, Coal India Limited, until they are sold as part of a new auction process.
Companies with cancelled licences will not receive any compensation on account of development expenditure incurred to date, meaning these will have to be written off. They can bid for the same coal blocks when they come back on the market, while it will be an open bidding process. Furthermore, they will now have to pay for externally sourced coal, resulting in higher operating costs. The SCI's decision also levies a fine of INR295/tonne on coal produced to date from the mines affected, which could amount to INR73bn (USD1.2bn), Fitch says in its latest research report.
The negative financial impact will vary significantly depending on the company. Current credit profiles are likely to remain intact for Fitch-rated steel and power companies. The ruling has no immediate direct impact on Tata Steel Limited (BB+/Stable) and Steel Authority of India Limited (SAIL, BBB-/Stable). All but one of their operational coal mines were allocated before 1993, which are exempt from the decision. In addition, SAIL's one operational mine which was allocated after 1993 was one of the four licences upheld by the SCI as valid. The cancellation of non-operational coal licenses will not hurt credit profiles, as these have not been factored into Fitch's long-term financial projections for these companies.
Power Company NTPC Limited (BBB-/Stable) could be more vulnerable to the decision, though Fitch maintains that the broader impact will still be relatively small. Pakhri Barwadih, an NTPC mine nearing production, has been exempt from the cancellation. The status of the other nine of NTPC's 10 coal blocks is uncertain, as it is not very clear if they are also exempt - owing to the fact that NTPC is a state-owned entity. The company had expected that its captive mines would be able to serve 4.3% of its coal requirements in FY15 - rising further to 15% by FY17.
The potential long-term effects of the decision on the wider power and steel sectors will depend largely on how quickly the government proceeds with re-auctioning the licences. This could lead to more efficient development of these coal blocks in the long term should the new process go quickly. Uncertainty regarding the original allocation process had previously contributed in part to the underdevelopment and utilisation of these blocks.
However, it is important to highlight that a new and transparent auction process is just one factor needed to boost coal production in India. Other key challenges remain, including tough environmental clearances and regulatory approvals.
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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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Showing 106 to 110 news of total 6871 |
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- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
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