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