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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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Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Planning Commission, India
- White Energy Company Limited
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
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