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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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Showing 3426 to 3430 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- White Energy Company Limited
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- The University of Queensland
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
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