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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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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Larsen & Toubro Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- The University of Queensland
- Petron Corporation, Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
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