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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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Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- London Commodity Brokers - England
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- PTC India Limited - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
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