FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Kyrgyzstan Seeks to Buy More Fuel From Russia Despite Ukraine's Refinery Blitz

By

Kyrgyzstan officials are in Moscow to request more fuel supplies, as Ukrainian attacks on Russian energy facilities slash production there and cause knock-on shortages and price rises in the Central Asian country, Kyrgyzstan's 24.KG reported Tuesday.

Fuel costs have risen in the country due to the higher cost of imports, the article said, citing Kyrgyzstan's First Deputy Chairman of the Cabinet of Ministers Daniyar Amangeldiyev, who confirmed that the talks were taking place.

Ukraine's recently-improved air attack capabilities have seen it target most of Russia's major refining facilities, inflicting varying degrees of damage, but enough to cause widespread domestic fuel shortages and prompt Russia to restrict exports.

Kyrgyzstan usually imports more than 90% of the gasoline it needs from Russia, Reuters reported. It has also signed deals to import diesel and jet fuel from Belarus and China but has not disclosed the details of either.

Kyrgyzstan government did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.

Related Articles

Commodities

Australian, Western Australian Governments Launch AU$4 Million Pre-feasibility Study for Building New Oil Refinery

The governments of Australia and Western Australia will conduct a jointly funded AU$4 million pre-feasibility study for a new large-scale oil refinery in the state, to be built by Perdaman, according to a Tuesday statement.The proposed refinery is expected to create thousands of jobs, boost the local economy, and help secure diesel for regional communities in Western Australia.This is the first agreement to be signed as part of the Australian government's AU$10 million support for feasibility studies into furthering fuel refining capabilities, as it seeks to retain current refining capability in the decade beyond 2030, per the statement.Australia currently has two oil refineries: in Brisbane, Queensland and in Geelong, Victoria.

ASX 200
Commodities

Moody's Raises JSW Steel Issuer Rating to Baa3, Assigns Stable Outlook

Moody's Ratings upgraded JSW Steel's (BOM:500228, NSE:JSWSTEEL) long-term issuer rating to Baa3 from Ba1 and assigned a stable outlook, according to a Monday press release.The ratings agency cited the company's stronger credit profile following debt reduction and its position as India's largest steel producer with cost-competitive operations.The ratings agency also upgraded JSW Steel's senior unsecured ratings to Baa3 from Ba1 and withdrew its Ba1 corporate family rating.Moody's expects JSW Steel's debt-to-EBITDA ratio to improve to 2.0x to 2.5x over the next 12 to 18 months from 3.4x in fiscal 2025-26, supported by debt repayment using proceeds from the sale of a 50% stake in Bhushan Power & Steel.The agency said the stable outlook reflects expectations that the company will continue to grow earnings while maintaining financial discipline as it expands capacity to meet rising steel demand in India.

BOM:500228NSE:JSWSTEEL
Commodities

PJM Board Orders Reliability Measures as Power Demand Accelerates

PJM will file two proposals with the Federal Energy Regulatory Commission as it expects large electricity loads to increase by 70 gigawatts by 2038, the grid operator said Monday.The proposals would establish a Reliability Backstop Procurement to attract new generation and an Interim Resource Adequacy Service to support large load growth while protecting reliability during periods of capacity shortages.PJM expects new large loads to increase by 70 GW by 2038, while 15 GW of generation has retired since 2022. The 2028/2029 capacity auction also ended 6,831 megawatts below the system's reliability requirement for the grid serving 67 million people.The board said the region needs additional power supplies without placing unnecessary cost burdens on consumers."The present trajectory of rapid load growth, tightening supply and rising capacity costs is not sustainable," the board said, adding that the "region needs substantial new investment in supply, and the central affordability question is how the costs of that investment should be allocated."PJM launched a bilateral contracting process with a June 9 request for proposals and expects the first buyer-seller matches in August. The process will continue into early next year and reduce the amount of new generation PJM needs to procure.The grid operator plans a one-time Reliability Backstop Procurement from Sept. 30 through Oct. 21, with results expected in early December.Winning projects can secure commitments of up to 15 years, while accepted offers will face a $555/MW-day cost cap, according to PJM.Eligible resources include new generation that adds new installed capacity and maximum facility output, qualifying Capacity Interconnection Rights created or transferred from units deactivated after April 10, 2026, and resources that failed to secure commitments in the 2028/2029 auction.The proposal also covers new annual demand response and distributed energy resources, provided aggregators demonstrate qualifying sites and contracts for the full 15-year commitment. Eligible projects must begin operating by June 1, 2032.Resource developers will pay for transmission network upgrades and include those costs in their offers.PJM will allocate procurement costs to Load Serving Entities in affected areas, while state regulators will determine how those costs apply across customer classes.The board also instructed PJM to exclude incremental new large loads from future Reliability Pricing Model auctions beginning with the 2029/2030 delivery year.The move aims to prevent existing customers from absorbing higher capacity costs created by new demand.PJM will create a Large Load Registry for customers with at least 50 MW of peak demand at one site or connected sites within a one-mile radius. The registry will improve load forecasts and transparency while protecting confidential information.Under the proposed Interim Resource Adequacy Service, new large loads without dedicated generation by June 1, 2027, or other secured supply will reduce demand before broader emergency load management measures begin during capacity shortages.PJM said the proposed cost allocation framework follows Ratepayer Protection principles supported by data centers, the White House and PJM governors.The board added that states will play a key role in assigning retail costs because PJM cannot allocate them directly to individual data centers.