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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, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
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