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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
 COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a potentially positive credit impact for a number of Asia-Pacific sovereigns if the lower prices are sustained below USD90/bbl through 2015, in line with our latest forecast, says Fitch Ratings.
Most major Asian economies - including China, Japan, Korea and Thailand - would see an effective overall income boost from sustained lower oil prices. In addition, countries with large oil import needs facing external adjustment pressures such as Indonesia and India are among the best positioned to see a positive impact on sovereign credit profiles, although the broader policy response will matter too.
All but one of the Fitch-rated APAC sovereigns are net oil importers. Net oil import bills range significantly, from greater than 10% of GDP for Thailand to less than 2% for Bangladesh and Vietnam. Korea, Japan and China have net import bills of 6%, 3% and just over 2% of GDP, respectively.
For consumers, there would be a positive consumption effect from falling retail energy prices. Disinflation as a result of lower oil prices could also contribute to GDP growth less directly in some countries, by facilitating a more accommodative monetary policy than would otherwise be followed. Notably, several key Asian economies, including Japan, have been increasingly relying on liquefied natural gas (LNG) as part of their energy mix, and Asian LNG prices are linked to Brent crude.
A combined positive impact on fiscal accounts, economic growth and terms of trade, would be particularly beneficial for the sovereign credits of countries which are both net oil importers and facing external adjustment pressures, including Indonesia and India. Lower oil prices will help to ease the trade-offs faced by these economies as they aim to bolster growth while reducing external account deficits.
Beyond the macroeconomic growth effects, the fiscal impact could also be significant for several south and south-east Asian sovereigns. Both the Indian and Indonesian governments have already taken advantage of the price decline. In India, diesel prices were deregulated on 18 October. The direct impact on our headline fiscal forecasts is expected to be limited, while this will make the fiscal accounts more robust against future oil shocks, since both diesel and petrol prices are now determined by the market.
In Indonesia, the new administration under President Joko Widodo raised the administered price of fuel by over 30% on 18 November. Roughly 15% of total government spending (2.4% of GDP) is allocated to fuel subsidies, according to the state budget. In addition to direct effects on the state budget, the price hike provides a clear, positive signal of the new government's intentions to swiftly implement its reform agenda.
However, the extent to which sovereigns are able to realise the potential fiscal benefits will be determined at least partly by how policy makers respond - whether they use budget windfalls to increase spending or reduce deficits.
Fitch has lowered its forecast for the price of Brent Crude to average USD87/bbl through 2015 and USD90/bbl for 2016 as part of our latest forecasting round, down from our September forecasts of USD100/bbl and USD95/bbl, respectively.
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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- London Commodity Brokers - England
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
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