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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, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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Showing 916 to 920 news of total 6871 |
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- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
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