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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- The University of Queensland
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
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