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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, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
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- Aditya Birla Group - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Planning Commission, India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
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