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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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- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
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