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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
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