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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
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