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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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Saturday, 08 March 14
LETTERS OF INDEMNITY - SKULD
KNOWLEDGE TO ELEVATE
In today's trading market, owners are frequently requested to accept a letter of indemnity (LOI) in exchange for complying ...
Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping ...
Friday, 07 March 14
RBCT, WORLD'S LARGEST COAL EXPORTING TERMINAL SHIPPED 1.78% LESS COAL MONTH ON MONTH
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 4.487 million tons of ...
Friday, 07 March 14
INDONESIA SHIPPED 7% LESS COAL IN JANUARY 2014 COMPARED TO ITS DECEMBER EXPORTS
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $1.8* billion ...
Friday, 07 March 14
INDONESIA TO PRODUCE 421 MMT OF COAL IN 2014
Coalspot.com: Indonesia finally agreed to increased 2014 coal output by as much as 6 percent to 421 million metric tons from its previous plan, a se ...
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- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- White Energy Company Limited
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
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