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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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Monday, 20 January 14
SUB-BIT INDONESIA COAL SWAP SEEN LOWER IN 2ND HALF OF 2014
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost $ 0.78 pmt month on month on Friday 17 January 2014. T ...
Monday, 20 January 14
THE CFR SOUTH CHINA COAL MARKET APPEARS TO HAVE LOST DIRECTION
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 4.25 percept month on month and closed at US$ 79.48 per mt as ...
Sunday, 19 January 14
FREIGHT MARKETS SEE CONTINUED WEAK PERFORMANCE
COALspot.com: The market has continued to soften particularly in the far East/SE Asia sector.
The BDI was down 6 pct week on week, the index was ...
Friday, 17 January 14
US COAL PRODUCTION DOWN WEEK ON WEEK: EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.3 million short tons (mmst) of co ...
Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
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- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Australian Coal Association
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
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