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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, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- The University of Queensland
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Planning Commission, India
- Economic Council, Georgia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
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