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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
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