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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
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