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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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Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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Showing 3171 to 3175 news of total 6871 |
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- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Australian Coal Association
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
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