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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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- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- The University of Queensland
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
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