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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, 13 December 13
DRY BULK SHIPPING TO WITNESS HEALTHY DEMAND MOVING FORWARD - ICS
The Institute of Chartered Shipbrokers Greek Branch organised its 9th Annual Forum at Eugenides Foundation, on Wednesday, 11th of December, with a r ...
Friday, 13 December 13
US PRODUCED APPROXIMATELY 18.4 MILLION SHORT TONS OF COAL W/E 7 DECEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.4 million short tons (mmst) of coal in ...
Thursday, 12 December 13
GREAT EXPECTATIONS SANCTIONED - EVA TZIMA
News that sanctions on Iranian oil exports could be lifted sometime in the following months have shaken the markets recently. One of the world&rsquo ...
Thursday, 12 December 13
DRY BULK MARKET RATES FOR CAPESIZES TO REMAIN VOLATILE SAYS BIMCO
The dry bulk market has reached multi year highs this week, as the BDI is standing at the 2,300-point mark. In its analysis of the market, BIMCO pre ...
Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
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- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Australian Coal Association
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
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