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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
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