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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
 COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a potentially positive credit impact for a number of Asia-Pacific sovereigns if the lower prices are sustained below USD90/bbl through 2015, in line with our latest forecast, says Fitch Ratings.
Most major Asian economies - including China, Japan, Korea and Thailand - would see an effective overall income boost from sustained lower oil prices. In addition, countries with large oil import needs facing external adjustment pressures such as Indonesia and India are among the best positioned to see a positive impact on sovereign credit profiles, although the broader policy response will matter too.
All but one of the Fitch-rated APAC sovereigns are net oil importers. Net oil import bills range significantly, from greater than 10% of GDP for Thailand to less than 2% for Bangladesh and Vietnam. Korea, Japan and China have net import bills of 6%, 3% and just over 2% of GDP, respectively.
For consumers, there would be a positive consumption effect from falling retail energy prices. Disinflation as a result of lower oil prices could also contribute to GDP growth less directly in some countries, by facilitating a more accommodative monetary policy than would otherwise be followed. Notably, several key Asian economies, including Japan, have been increasingly relying on liquefied natural gas (LNG) as part of their energy mix, and Asian LNG prices are linked to Brent crude.
A combined positive impact on fiscal accounts, economic growth and terms of trade, would be particularly beneficial for the sovereign credits of countries which are both net oil importers and facing external adjustment pressures, including Indonesia and India. Lower oil prices will help to ease the trade-offs faced by these economies as they aim to bolster growth while reducing external account deficits.
Beyond the macroeconomic growth effects, the fiscal impact could also be significant for several south and south-east Asian sovereigns. Both the Indian and Indonesian governments have already taken advantage of the price decline. In India, diesel prices were deregulated on 18 October. The direct impact on our headline fiscal forecasts is expected to be limited, while this will make the fiscal accounts more robust against future oil shocks, since both diesel and petrol prices are now determined by the market.
In Indonesia, the new administration under President Joko Widodo raised the administered price of fuel by over 30% on 18 November. Roughly 15% of total government spending (2.4% of GDP) is allocated to fuel subsidies, according to the state budget. In addition to direct effects on the state budget, the price hike provides a clear, positive signal of the new government's intentions to swiftly implement its reform agenda.
However, the extent to which sovereigns are able to realise the potential fiscal benefits will be determined at least partly by how policy makers respond - whether they use budget windfalls to increase spending or reduce deficits.
Fitch has lowered its forecast for the price of Brent Crude to average USD87/bbl through 2015 and USD90/bbl for 2016 as part of our latest forecasting round, down from our September forecasts of USD100/bbl and USD95/bbl, respectively.
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Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- The University of Queensland
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
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