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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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Friday, 19 June 20
INDIA'S COAL CONSUMPTION GROWTH IN 2019 SLOWEST SINCE 2001: BP STATS REVIEW - HINDU BUSINESS LINE
Growth in global energy markets slowed in 2019 in line with weaker economic growth, according to the bp Statistical Review of World Energy 2020. Th ...
Friday, 19 June 20
KOWEPO TO IMPORT 1,050,000 MT OF MIN 5300 NCV COAL FOR THREE YEARS
COALspot.com: Korera Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1,050k MT Min.5,300 kcal/kg NCV coal for t ...
Thursday, 18 June 20
INDIA: GOVT'S PLAN TO CUT COAL IMPORT GOES FOR A TOSS AS FY20 BREAKS LOGISTICS CHAIN; LOCAL OUTPUT STAGNANT - FINANCIAL EXPRESS
Weak logistics support and disrupted supply chain towards the end of the last financial year 2019-20 hit the government’s plan to cut coal im ...
Thursday, 18 June 20
INDIA: THERMAL PLANTS TO OPERATE BELOW 53% CAPACITY IN FY21 AS POWER DEMAND DIPS - BUSINESS STANDARD
The Plant Load Factor (PLF) of thermal power stations across the country is projected to dip below 53 per cent in this fiscal. Muted power demand f ...
Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
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- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
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