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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- SMC Global Power, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Australian Coal Association
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
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