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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, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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Showing 3431 to 3435 news of total 6871 |
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- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
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