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