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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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Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
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