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Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
 A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immediate aftermath, the region would suffer from gas shortages and high prices due to its limited ability to reduce demand, source alternative supplies and transport gas to the most affected countries. A surge in gas prices after a ban would probably also have knock-on effects on electricity, coal and oil prices. Industry would bear the brunt of supply shortages as household demand would be given priority.
A lengthy ban on Russian gas is a low-probability, but high-impact scenario. Russia supplies around 27% of Europe's gas and, given the high cost a ban would impose on all sides, we believe it would take a severe deterioration in the Ukraine crisis for it to happen. A temporary disruption just affecting gas supplies via Ukraine is a more likely scenario, for which Europe is better prepared due to high reserves and the recent opening of a new pipeline from Russia to Germany.
In the event of a lengthy ban imposed by either Europe or Russia, gas-intensive sectors such as steel and chemicals would be most affected. This would accelerate the closure or mothballing of capacity that is suffering from low profitability due to competition from low-cost energy jurisdictions such as the US or Middle East. In particular, issuers without geographic and product diversification would be most at risk of adverse rating action.
In 2013 Russia supplied 145bcm of gas to Europe, which would have great difficulty in sourcing alternative supplies. Increased European gas production and North African piped gas could offset a small proportion of this. Tapping into the global LNG market would yield limited volumes as Europe's Russian gas demand equates to nearly half of the world's LNG production, which is already mostly tied to long-term supply contracts. Hence, gas and other energy prices could surge.
In theory, Europe has plenty of unused LNG regasification capacity, which could help replace some Russian supplies. But the majority of plants are located in Southern Europe and the UK, far away from the Central and Eastern European countries that are most reliant on Russian gas. The European gas networks suffer from bottlenecks, which limit the ability to transport gas across borders.
Demand reduction initiatives would only be of limited benefit. Japan was able to reduce power demand by 4.7% following the Fukushima disaster, but this was partly weather-related and achieving that level of reduction across 28 countries with their own agendas and exposures would be far harder.
For more details on the impact that a ban on Russian gas would have on Europe, please see the report "Living Without Russian Gas - Replacing Russian Gas in the Short-term" published today and available from www.fitchratings.com. The report is the first in a series that will examine the potential impact on European utilities and how Europe could reduce its energy reliance on Russia in the longer term.
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Friday, 02 May 14
US WEEKLY COAL PRODUCTION RELATIVELY FLAT AT -0.1%, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Bhatia International Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- The University of Queensland
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
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