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Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
 Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, with an increasing share of liquefied natural gas in their overall production mix amid a low oil price environment. Australian liquefied natural gas (LNG) volumes are typically sold under long-term contracts with oil-indexed prices. Low oil prices will, therefore, have a higher impact on their 2015 margins, given lags against oil price changes.
Any adverse impact on their credit profiles from current low oil prices will, however, be manageable in the near-term. Sustained very low oil prices will, nonetheless, have a meaningful impact on their margins and trim their rating headroom. Companies have responded through announcements of sizeable capex and opex cuts in 2015 to manage the impact of an extended period of low oil prices. These include scale-back and deferral of capex related to exploration and international development activities and a focus on costs and operational efficiencies, but at the cost of long-term earnings potential.
Australian upstream companies will focus on core exploration and production activities in the current low oil price environment and are likely to monetise non-core asset in the medium-term. These will include sales of gas pipelines related to liquefaction facilities under development in Queensland. Falling oil prices and balance sheet pressures faced by other producers, have, however, also presented growth opportunities for the larger Australian producers. For instance, Woodside Petroleum Ltd (Woodside, BBB+/Stable) announced its agreement to acquire Apache Corporation's (BBB+/Stable) equity in the Australia-based Wheatstone LNG development and in the Canada-based Kitimat LNG project in December 2014; Origin Energy Ltd (Origin, BBB+/Stable) announced its conditional agreement to acquire 40% in two offshore exploration permits in the Browse basin in June 2014.
Australian gas liquefaction capacity will be significantly higher by end-2015 with the start of liquefaction capacity currently under development. Moreover, production capacity growth will remain higher over 2016 to 2018 reflecting a ramp-up across a number of these developments and the expected start of other committed projects under development.
Australian projects, however, face higher development costs, with continuing cost-overruns and schedule slippages. Four out of the seven Australian LNG projects under construction have made cost revisions and schedule change announcements since their first approval. Further announcements of project cost-blowouts and schedule delays are likely as more projects move towards completion. Some 58 million tonnes per annum (mtpa) of capacity is presently under development in Australia compared to the 28mtpa in operation at end-2014.
The price for Australian LNG supplies will be lower in 2015 reflecting loose demand-supply conditions in Asia and the flow-on impact of oil prices during the year. High supply costs of Australian LNG and lower Asian LNG prices will moderate buyer appetite for further new Australian projects. We, therefore, expect a slowdown in further capacity additions. There had been a considerable slowdown in approval of new LNG projects since 2011, with no new LNG trains committed in the past two years.
The credit profile of Australian upstream companies will reflect the near-term benefits of their announced capex and opex cuts, with any consequent adverse impact on long-term earnings potential. Furthermore, sales proceeds from any non-core asset sales will support their credit profile. However, the companies are more exposed to lower earnings from a sustained deterioration in oil prices, resulting in lower headroom within their current rating levels. Any upward rating action is unlikely given expectations of a slow recovery of oil prices. Liquidity remains adequate, with sizeable cash balances and undrawn committed facilities as at 31 December 2014.
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Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
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