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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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Showing 906 to 910 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
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