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