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Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
 The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Ratings says. While we expect most countries to be able to close their financing gap with the support of official creditors, liquidity pressures will remain high through the year. Export receipts will drop and external support inflows will be insufficient to stem the fall in international reserves.
Angola (B-/Stable), the Republic of Congo (CCC), Gabon (CCC), Nigeria (B/Negative) face a sharp deterioration of fiscal and external balances and increasing financing challenges due to the impact of the double shock of lower oil prices and the coronavirus pandemic, which underpinned recent downgrades. Fitch forecasts the Brent oil price at USD35/bbl in 2020 and USD45/bbl in 2021.
Sub-Saharan African oil producers entered 2020 with high debt levels and limited fiscal space. We expect them to post fiscal deficits between 4% and 6% of GDP in 2020. This assumes lower oil prices and a contraction of oil production due to maturing oil fields, low investment and OPEC+ quotas, along with a moderate impact of measures taken to stem the pandemic. Government debt will soar from already high levels and exceed 115% of GDP in Angola and Congo.
Government financing needs will rise. Shallow domestic markets in Angola, Gabon and Congo combined with weak public finance management for the latter two could put liquidity under stress and could threaten the timely repayment of debt. However, governments are making Eurobond payments a priority containing the risk of defaults.
We still expect Angola to be able to close its funding gap with financing from external official creditors in 2020 and by drawing on funds from the sovereign wealth fund, but risks are high. Congo is particularly exposed to liquidity risk given the uncertainty surrounding the renegotiation of the oil-traders' debt and its linkages with financing. While liquidity risks have risen in Gabon, debt sustainability could remain stronger than for 'CCC' peers in our baseline scenario. Nigeria's credit profile is more resilient as the sovereign is less vulnerable to short-term financing stress due to its deeper domestic debt market.
Angola, Congo, Gabon and Nigeria's current account deficits will not be fully covered by increased external borrowing, reducing external buffers. Congo and Gabon will face acute external liquidity strain, raising pressure on the CEMAC peg to the euro, although devaluation in the near term is not our base-case scenario. Angola will face continued pressure on its already severely devalued currency, increasing the burden of external debt service. Nigeria will contend with outflows of foreign portfolio investments, which could put pressure on the peg.
Source: Fitch Ratings
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Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
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