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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, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Planning Commission, India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Economic Council, Georgia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
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