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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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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Australian Coal Association
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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