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Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
 The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies that are the principal retailers of petroleum products, says Fitch Ratings. The decision is also likely to lead to more private firms entering the diesel market in the medium term, resulting in greater competition.
The decision to deregulate diesel prices is well-timed in light of the recent decline in international energy prices. The expected direct impact of both the diesel reform and natural gas price hike on Fitch's headline fiscal forecasts is limited; but the fiscal balances will be more robust to future oil shocks, since both diesel and petrol prices are now determined by the market. Furthermore, implementation of these politically sensitive reforms demonstrates that the government continues to roll out structural reforms gradually, and suggests that more far-reaching structural reforms may be in the pipeline.
The national oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - will be the principal direct beneficiaries of deregulation, and the decision is positive for these companies' standalone credit profiles. Under the previous rules, these retailers had to sell diesel (accounting for 40% of fuel sold) below market prices, and were partially compensated for the losses through the federal budget. Furthermore, the price control and subsidy system affected the working-capital positions of these companies, as there was a timing mismatch between the recognition of losses on sales and compensation from government - leading to higher debt.
The other beneficiaries are likely to be upstream oil companies such as Oil and Natural Gas Ltd and Oil India Ltd, which also bore a large part of the subsidy burden. These companies offered a USD56 per barrel discount to the national oil marketing companies - especially challenging when considering the fall in crude prices to around USD85. Fitch expects that the discount is likely to come down.
Fitch anticipates that deregulation will result in heightened competition for the existing dominant national retailers, and could hurt their profitability over the medium to long term. By allowing diesel to be marketed profitably, the sector will once again be attractive for private companies that had left when price restrictions were put in place. A large portion of the output of private refiners is exported, due in part to the restrictions placed on domestic sales. Private firms such as Reliance Industries and Essar Oil are likely to restart idled diesel retail operations, and should ultimately become more significant players. Their impact on the sector would not be seen immediately, though, as they would have to play catch-up to restart and establish retail infrastructure.
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Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
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- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
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