Fitch deals fresh downgrade blow to Petrofac
Ratings agency Fitch has downgraded oilfield services giant Petrofac (LON: PFC) after it defaulted on an interest payment.
Fitch
High LNG prices for longer could see Asian buyers head for the exits
Spot liquefied natural gas (LNG) prices in Asia remain near unprecedented highs, driven by market tightness and supply-side uncertainties made worse by the Russia-Ukraine conflict. Significantly, while the persistently high LNG prices might be a boon for producers, they may stunt long-term demand expansion in Asia.
Outlook for Chinese oil imports remains bullish
China’s crude oil imports rose to 11.69 million barrels per day (b/d) in March, up 21% year-on-year, with further growth expected, reported FitchSolutions.
Vietnam eyes $128bn investment in gas and renewables
Vietnam will need more than $128 billion of investment to achieve bullish targets in its latest power development plan that seeks to expand gas and renewable generation capacity over the next decade.
Refinery fire in Indonesia sees near-term supply risk
A massive fire has been extinguished at one of Indonesia’s biggest oil refineries operated by national oil company Pertamina. However, near-term supply risks remain, but the national refining expansion plan remains intact, reported Fitch Solutions Country Risk & Industry Research.
China to support Myanmar renewables growth after coup
Myanmar’s transition towards renewable energy sources will face near-term headwinds after the recent military coup. However, analysts are more optimistic over the medium to longer term given the dominance of Chinese companies in the sector.
Chinese energy firms set to benefit from Myanmar turmoil
There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
Fitch cuts Saudi, Aramco and Sabic outlook
Fitch has cut the outlook of Saudi Arabia, Aramco and Sabic to negative on concerns of the sovereign’s weakening balance sheet.
Fitch cuts Aramco’s rating
Fitch Ratings has cut Saudi Aramco’s rating to A from A+, following its downgrade of Saudi Arabia.
Saudi Arabia’s credit rating downgraded after oil facility attack
Credit rating agency Fitch has downgraded Saudi Arabia over the increase in diplomatic and military tensions in the region after the kingdom's biggest oil processing facility was attacked.
Fitch says Total cuts must be the steepest
French group Total has to make the steepest cuts to investments and shareholder returns among Europe's oil majors if crude prices remain weak, in order to maintain its current credit rating, Fitch said today.
BP takes negative rating knock
BP’s rating outlook has taken a hit in the wake of additional Macondo fines. Fitch Ratings downgraded the industry giant’s default outlook from stable to negative. The firm cited outstanding fines and a dipped oil price for the slide.