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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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- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
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