Trump to 'stand firm' on tariffs as markets crash

Spanish Market: Coal, Crude oil, Emissions, Fertilizers, Metals, Natural gas, Oil products
03/04/25

President Donald Trump does not intend to back down from his plan for sweeping import tariffs that have already caused a sell-off in global equity markets and some commodities, administration officials say.

The tariffs — which will start at 10pc for most imports on 5 April before steeper country-specific tariffs take effect on 9 April, with exceptions for some energy and mineral imports — have caused key stock indexes to drop by as much as 5pc, with even larger declines in crude futures, as investors brace for lower growth and a higher chance of a recession. Trump earlier today defended the tariffs, as he prepared to leave the White House for a dinner tonight at a golf tournament at one of his resorts in Florida.

"THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING," Trump wrote in a social media post before major stock markets opened.

Trump's cabinet has downplayed the short-term price effect of the tariffs, which they say will boost economic growth in the US and cause a resurgence in domestic manufacturing. US commerce secretary Howard Lutnick said he does not think there is "any chance" that Trump will rescind the tariffs, and said Trump will only begin to work on new trade deals once a country has "really, really changed their ways" on trade practices.

"Trump is going to stand firm because he is reordering global trade," Lutnick said today in an interview with CNN. "Make no mistake about it, America has been exploited, and he is done allowing America to be exploited."

Other administration officials have suggested a greater potential for lower tariffs in the near-term. US treasury secretary Scott Bessent has encouraged world leaders to "take a deep breath" and not to "panic" because the tariff rates that Trump announced were a "ceiling" that might come down, so long as there was no retaliation.

"Don't immediately retaliate, let's see where this goes, because if you retaliate, that's how we get escalation," Bessent said on 2 April during interview on Fox News.

The tariffs have caused bipartisan backlash on Capitol Hill, but so far legislative action has been symbolic and unlikely to become law. The US Senate, in a bipartisan vote on 2 April, approved a joint resolution that would end the justification Trump has used to put tariffs on Canada. US senators Chuck Grassley (R-Iowa) and Maria Cantwell (D-Washington) introduced a bill today to eliminate most new presidential tariffs after 60 days without approval by the US Congress. Democrats say the tariffs will force consumers to pay far more on everyday goods, with revenue offsetting Republican plans to provide more than $5 trillion in tax cuts.

"Donald Trump is using tariffs in the dumbest way imaginable. In fact, Donald Trump slapped tariffs on penguins and not on Putin," US Senate minority leader Chuck Schumer (D-New York) said today, in reference to Trump's decision to put a 10pc tariff on an island populated only with penguins.

Trump has claimed his country-specific tariffs are "reciprocal" even though they have no relation to the tariffs each country charges on US imports. Instead, Trump's tariffs were calculated based on a universal equation that is set at half of the country's trade deficit with the US, divided by the country's imports from the US, with a minimum tariff rate of 10pc.

Major US trading partners are preparing for retaliatory tariffs. Canada's prime minister Mark Carney said he would respond to Trump's tariffs on automobiles, which took effect today, by "matching the US approach" and imposing a 25pc tariff on auto imports that do not comply with the US-Mexico-Canada free trade agreement. China said it was preparing unspecified countermeasures to US tariffs that would be set at 54pc.

Trump's cabinet today dismissed the market reaction to the tariffs. Stock markets are going through a "short-term adjustment" but the tariffs will ultimately result in more growth and additional investments, US Small Business Administration administrator Kelly Loeffler said today in an interview on Fox News

"The gravy train is over for the globalist elites," said Loeffler, who previously was a top executive at US exchange operator ICE.

By Chris Knight

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15/04/25

IEA slashes 2025 global refinery runs growth forecast

London, 15 April (Argus) — The IEA has sharply lowered its forecast for refinery run growth this year, citing escalating tensions in global trade. In its latest Oil Market Report (OMR) published today, the energy watchdog said it expects growth in global crude runs of 340,000 b/d, down by 40pc from its previous forecast of 570,000 b/d. The IEA sees total global crude runs averaging 83.2mn b/d this year. Increased throughput from non-OECD countries still drives this year's growth, with the IEA expecting an increase of 830,000 b/d to 47.6mn b/d. The IEA has not adjusted this figure, as stronger runs in China through the first quarter of this year and higher Russian forecasts have offset downgrades in other non-OECD countries. Chinese crude runs in January and February averaged 15.2mn b/d, around 470,000 b/d higher than the IEA's forecast, it said. The body raised its Russian forecasts from the second quarter as Ukrainian attacks on Russian infrastructure have slowed. The IEA forecasts OECD refinery runs will fall by 490,000 b/d this year because of refinery closures, resulting in a cut from its previous forecast of 100,000 b/d, to 35.6mn b/d. OECD Europe runs are forecast to fall by 310,000 b/d on the year to 10.9mn b/d. OECD crude runs rose by 200,000 b/d on the year in February, 40,000 b/d higher than the IEA expected. Throughput was particularly weak in the first quarter of 2024, when extreme cold cut US run rates. In Mexico, state-owned Pemex's 340,000 b/d Olmeca refinery has still not reached stable operations having started up in mid-2024. The refinery ran no crude in January because of crude quality constraints, the IEA said, and February output there was 7,000 b/d. The IEA estimates the refinery's second crude unit will come online in the fourth quarter. The IEA said refiners will add more than 1mn b/d of global capacity in 2026, but it forecast growths in crude runs of only 300,000 b/d for that year. Assuming all new and expanded refineries come into operation by then, producers will have to cut runs at older refineries, it said. Capacity additions will be largest in Asia-Pacific. The IEA expects China's 320,000 b/d Panjin refinery to come online in the second half of 2026, and for producers to add capacity of 480,000 b/d in India. It sees growth in crude runs as focused on the Mideast Gulf, and runs across the OECD falling. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UN carbon market advances on leakage, baseline issues

15/04/25

UN carbon market advances on leakage, baseline issues

Berlin, 15 April (Argus) — The UN's climate arm the UNFCCC has further refined rules relating to greenhouse gas (GHG) leakage and emissions reduction baselines for generating credits under the Paris Agreement Crediting Mechanism (Pacm). The mechanism's methodological expert panel drew up a draft standard on addressing GHG leakage at its fifth meeting last week, clarifying definitions such as "positive" and "negative" leakage, the "activity boundary" and "controlled" sources of GHG. The standard clarifies that the avoidance or minimisation of leakage only applies to negative leakage, even while avoidance of leakage is not possible in all instances. The standard will apply to both emission reductions and removals, and will focus on project-level activities, with a future version to address larger-scale activities such as national crediting programmes. And a draft standard on setting the baseline against which emissions reductions are measured, to prevent over-crediting, outlined the importance of ensuring that the downward adjusted historical baseline of emissions is at least as low as the conservative business-as-usual scenario. The panel proposed future regular revisions of the standard to allow for advances in best available technology, or for mitigation actions implemented at larger and therefore more cost-efficient scales. The panel also suggested some guidance may be needed to determine the scenario for certain types of carbon removal activities. The two draft standards will be put to the Pacm regulator — the supervisory body of the mechanism's governing Article 6.4 of the Paris climate agreement — for adoption. The panel was set up in early 2024 after countries at the UN Cop 28 climate summit in December 2023 threw out the supervisory body's proposals for the mechanism. The panel at its meeting also made progress on the concept of "suppressed demand", which must be taken into account by the Pacm to allow some increase in emissions to enable a host country's socio-economic development. It agreed on the conservative level of 1,000kWh/per capita to "minimise" over-crediting. The panel also progressed on addressing the non-permanence of emissions reductions, with a focus on instances of late, incomplete or missing monitoring reports, deciding on appropriate notification timing and relevant consequences. And it continued work on revising methodologies from the Pacm's predecessor, the clean development mechanism (CDM). The Pacm's first credits will be from transitioned CDM projects. But from next year, all Pacm credits must adhere to their own methodologies. The panel will next meet at the end of May. Stakeholders planning to propose new methodologies and methodological tools for consideration at that meeting must submit them by 21 April. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

VG begins contracted LNG deliveries at Calcasieu Pass

15/04/25

VG begins contracted LNG deliveries at Calcasieu Pass

Houston, 15 April (Argus) — US LNG exporter Venture Global began deliveries of long-term contractual cargoes at its 12.4mn t/yr Calcasieu Pass terminal in Louisiana today after the facility started commercial operations, more than three years after producing its first LNG. "We are excited to reach this milestone and are grateful for our regulators and supply chain partners who have worked with our team to reach commercial operations as efficiently and safely as possible," said Venture Global chief executive Mike Sabel. But the long-delayed and highly contested start comes amid ongoing arbitration proceedings against Venture Global, which some customers including Shell, BP, Italian utility Edison and Spanish company Repsol argue was unjustified in deferring the contracted supplies (see offtakers table) . The LNG exporter originally sought to begin commercial operations in 2022 but cited impacts from Covid-19, two hurricanes and "major unforeseen manufacturing issues" related to one of the plant's heat recovery steam generators, equipment that helps power the facility. Because several of the plant's facilities, including the power island, were not officially placed in service with federal authorization, Venture Global maintained that the plant was not commercially operating — despite producing 444 cargoes totaling 28.2mn t of LNG (about 1.28 trillion cubic feet of natural gas) since its first in March 2022, according to Vortexa data. The start-up Tuesday comes on the final day before Venture Global could have lost control of the project. The company said in a December filing with the US Securities and Exchange Commission (SEC) that the agreement under which it had financed debt requires commercial operations to be completed by 1 June 2025. Should commercial operations have not begun 45 days prior to this date — which is Tuesday — then the agreement defaults, allowing "certain investors" to exercise control over the project. Before Tuesday, the company instead sold cargoes on the spot market for prices much higher than the terms of its offtake agreements. Calcasieu Pass produced its first LNG in January 2022 and exported its first cargo on 1 March 2022 — less than a week after Russia, then a key supplier of gas to Europe, invaded Ukraine. The facility produced its first LNG just 29 months after reaching a final investment decision (FID) on the project, compared with the industry average of four to five years. The timing of the project's start dovetailed with the war-driven volatility in the European gas market, helping Venture Global realize much larger profits than it would have under contracted volumes. The firm's liquefaction fees in 2023 and 2024 averaged $12.23/mn Btu and $7.28/mn Btu, respectively, compared with the average $1.97/mn Btu in its long-term deals, according to a company presentation in March. The lengthy commissioning process generated $19.6bn in revenue by the end of September 2024, Venture Global said in the December SEC filing. Shell estimated that Venture Global sold cargoes in 2023 at an average of $48.8mn per shipment, "raking in billions of dollars while shirking its contractual obligations", according to a filing with US energy regulator FERC in March 2024. Venture Global said in March that the customer arbitration cases are not likely to be resolved until after 2025. LNG facilities usually produce commissioning cargoes for a few months before beginning long-term contracts. But Venture Global has said its unique plant design, which uses a higher number of smaller, modular liquefaction trains compared with traditional trains, requires a longer start-up process. Calcasieu Pass LNG consists of 18 trains paired in nine blocks, and a similarly long commissioning period is expected at the first two phases of Venture Global's 27.2mn t/yr Plaquemines facility consisting of 36 trains. The company also has plans for an 18.1mn t/yr expansion at Plaquemines. An FID is expected in mid-2027, with first LNG production 18-24 months later. Venture Global estimated that its third LNG facility, the 28mn t/yr CP2 facility adjacent to Calcasieu Pass, could export up to 550 commissioning cargoes . The company expects to make an investment decision on the first phase of CP2 this year. By Tray Swanson Calcasieu Pass offtake deals Offtaker Volume, mn t/yr Contract length, yrs Shell 2.0 20 Galp 1.0 20 Sinopec 1.0 3 CNOOC 0.5 5 Edison 1.0 20 Repsol 1.0 20 PGNiG 1.5 20 BP 2.0 20 — US DOE Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Europe saw rising weather extremes in 2024: Report

15/04/25

Europe saw rising weather extremes in 2024: Report

London, 15 April (Argus) — Europe experienced a high level of extreme weather events — such as storms, heatwaves and floods — in 2024, a report from EU earth-monitoring service Copernicus and the World Meteorological Organisation (WMO) found today. "Heatwaves are becoming more frequent and severe, and southern Europe is seeing widespread droughts", while changes in precipitation patterns, "including an increase in the intensity of the most extreme events" has been observed, the report found. Europe experienced last year the "most widespread flooding since 2013", it added. The extreme weather events "pose increasing risks to Europe's built environment and infrastructure… and urgent action is needed", the WMO and Copernicus said. Last year was the hottest on record , both for Europe and globally. Europe is the fastest-warming continent, the report noted. The global surface air temperature has increased by around 1.3°C since the 1850-1900 period, while Europe's surface air temperature over land has risen by 2.4°C over the same period, the report found. The Paris climate agreement seeks to limit the rise in global temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C. Climate scientists use 1850-1900 as a baseline pre-industrial period. The WMO and Copernicus also flagged "a pronounced east-west contrast" in weather conditions across Europe last year. Western Europe experienced above-average precipitation, while conditions across most of eastern Europe were drier than average. Southeastern Europe in particular experienced "record-breaking numbers" of "strong heat stress" days — those with a "feels-like" temperature of 32°C or higher — and tropical nights in 2024. Nights during which the temperature does not fall below 20°C are classified as tropical. Monitoring from agencies such as Copernicus and the WMO form a central basis of multilateral climate talks such as the annual UN Cop summits, and mid-year UN climate talks which take place in Bonn, Germany each June. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia's carbon credit issuances nearly match demand

15/04/25

Australia's carbon credit issuances nearly match demand

Sydney, 15 April (Argus) — Demand for Australian Carbon Credit Units (ACCUs) rose almost six-fold in the first compliance year of Australia's reformed safeguard mechanism, although total carbon unit surrenders were nearly matched by issuances of the new safeguard mechanism credits (SMCs). A total of 138 facilities out of 219 covered under the scheme surrendered 7.05mn ACCUs and 1.38mn SMCs for the July 2023-June 2024 financial year to manage their excess emissions, up sharply from 1.22mn units a year earlier, according to data released by the Clean Energy Regulator (CER) on 15 April. But the combined 8.44mn units surrendered were nearly matched by 8.3mn of SMC issuances to 63 facilities — of which almost 7mn will be now held for future compliance, potentially weighing on market sentiment around ACCUs in the short to medium term. The final SMC issuances for 2023-24 were below the maximum potential of 9.2mn first disclosed by the Climate Change Authority in November 2024. But that was significantly higher than initially forecast and impacted ACCU spot prices in the following months . Some market participants had been expecting most of the SMCs to have been issued to coal miners, who benefitted from a change in the method used to estimate fugitive methane emissions , but oil and gas extraction accounted for just as many issuances as coal mining, each with around 3.07mn units, or 37pc of the total, CER data released on 15 April. Metal ore mining and processing, including ferrous, non-ferrous and precious metals, accounted for around 13pc of all issuances, followed by chemicals and other industries. Biggest SMC issuances and surrenders Shell has emerged as the company that received the largest number of SMCs at a facility level, with its Prelude floating LNG (FLNG) terminal issued with 1.07mn units as it reported scope 1 emissions of 1.85mn t of CO2 equivalent (CO2e) for a baseline of 2.93mn t of CO2e. UK-South African firm Anglo American received a higher combined volume of 1.64mn SMCs, of which 1.02mn came from its Capcoal coal mine and 622,997 from its Grosvenor coal mine in Queensland. Chevron received 622,554 SMCs across its Gorgon and Wheatstone operations, while Australian independent Santos was issued 205,500 units across four facilities ( see table ). Meanwhile, SMC surrenders were registered across 27 facilities. Coal miners in New South Wales (NSW) and Queensland made the bulk of these surrenders at 991,857 units, including Anglo American and Australian mining company Stanmore Resources ( see table ). Net emissions fall Baselines were reset under the reformed safeguard mechanism, which applies to facilities that emit more than 100,000t of CO2e in a compliance year across several sectors, and now face a 4.9pc/yr decline rate until 2029-30 . Scope 1 emissions covered under the scheme fell from 138.7mn t of CO2e in 2022-23 to approximately 136mn t of CO2e in 2023-24, representing 31pc Australia's total emissions in that year. Net safeguard emissions fell to 127.8mn t of CO2e from 137.9mn t of CO2e a year earlier following the surrender of ACCUs and SMCs. The total liability in 2023-24 reached around 9.2mn t of CO2e across 142 facilities, of which around 0.8mn t CO2e remained in an excess situation on 1 April 2025, according to the CER. The 0.8mn t of CO2e is from five facilities under the operational control of three companies, two of which are in voluntary administration. The third company, Australian independent Fitzroy, failed to manage an excess of 583,079t of CO2e for its Ironbark No. 1 and Carborough Downs Coal Mine facilities for 2023-24. It has entered an enforceable undertaking with the CER and has committed to surrender the required units, start feasibility studies to investigate carbon abatement opportunities at the two facilities, and ensure neither is in an excess emissions situation for the 2024-25 year on 1 April 2026. By Juan Weik Australia's SMC issuances 2023-24 t CO2e Facility Operator Sector SMCs issued FLNG SHELL AUSTRALIA Oil and gas extraction 1,077,261 Capcoal Mine ANGLO COAL (CAPCOAL MANAGEMENT) Coal mining 1,022,648 Ichthys LNG Project INPEX Operations Australia Oil and gas extraction 768,900 Grosvenor Mine ANGLO COAL (MORANBAH NORTH MANAGEMENT) Coal mining 622,997 Gudai-Darri Mine Mount Bruce Mining Metal ore mining 474,391 Kooragang Island ORICA AUSTRALIA Other basic chemical product 430,751 Gorgon Operations CHEVRON AUSTRALIA Oil and gas extraction 388,803 Carmichael Coal Mine Adani Mining Coal mining 351,232 APN01 Appin Colliery - ICH ENDEAVOUR COAL Coal mining 320,457 TAHMOOR COAL MINE TAHMOOR COAL Coal mining 269,773 Wheatstone Operations CHEVRON AUSTRALIA Oil and gas extraction 233,751 Port Kembla Steelworks BLUESCOPE STEEL (AIS) Basic ferrous metal 232,088 Myuna Colliery CENTENNIAL MYUNA Coal mining 155,043 Ravenswood Mine RAVENSWOOD GOLD Metal ore mining 132,501 Bulga Coal Complex BULGA COAL MANAGEMENT Coal mining 128,269 WOR01 South32 Worsley Alumina Basic non-ferrous metal 117,189 Newman Power Station APA TRANSMISSION (ROY HILL) Electricity generation 114,505 Condabri Talinga Orana ORIGIN ENERGY UPSTREAM OPERATOR Oil and gas extraction 104,047 Wambo Coal Mine WAMBO COAL Coal mining 82,414 Spring Gully Reedy Creek Combabula ORIGIN ENERGY UPSTREAM OPERATOR Oil and gas extraction 81,761 Fairview Santos Oil and gas extraction 74,850 Pluto LNG Woodside Burrup Oil and gas extraction 73,370 Pinjarra Alumina Refinery Alcoa of Australia Basic non-ferrous metal 70,123 Virgin Australia National Transport VIRGIN AUSTRALIA HOLDINGS Air and space transport 67,430 CEM NSW Berrima Maldon Boral Cement, lime, plaster and concrete 63,844 Moranbah Incitec Pivot Other basic chemical product 63,529 CSBP Kwinana Facility CSBP Fertiliser and pesticide 62,865 Curtis Island GLNG Plant GLNG OPERATIONS Oil and gas extraction 60,273 Arcadia Santos Oil and gas extraction 57,996 Nowra Plant Shoalhaven Starches Grain mill and cereal product 52,520 Ningaloo Vision FPSO Santos Oil and gas extraction 51,109 Solomon Power Station FMG SOLOMON Electricity generation 49,749 QGC Upstream QGC PTY Oil and gas extraction 47,428 King of the Hills GREENSTONE RESOURCES (WA) Metal ore mining 40,725 Arrow Surat Operations Arrow Energy Holdings Oil and gas extraction 37,987 Birkenhead Operations ADBRI Cement, lime, plaster and concrete 29,000 Moorvale Coal Mine PEABODY ENERGY AUSTRALIA Coal mining 26,921 Roma Hub Santos Oil and gas extraction 21,545 Clermont Coal Operations Clermont Coal Operations Coal mining 21,521 V/Line V/Line Corporation Rail passenger transport 20,960 Lake Vermont Mine THIESS Coal mining 19,541 NKS01 Nickel West Kalgoorlie BHP NICKEL WEST Basic non-ferrous metal 17,666 Duketon South Operations Regis Resources Metal ore mining 16,319 Daunia Mine BM Alliance Coal Operations Coal mining 15,936 Fisherman's Landing CEMENT AUSTRALIA (QUEENSLAND) Cement, lime, plaster and concrete 15,005 Cockburn Operations ADBRI Cement, lime, plaster and concrete 14,615 Boyne Smelters Limited RIO TINTO ALUMINIUM Basic non-ferrous metal 9,745 Mangoola MANGOOLA COAL OPERATIONS Coal mining 9,018 Liberty Bell Bay Liberty Bell Bay Basic ferrous metal 8,762 Port Latta Pelletising Plant GRANGE RESOURCES (TASMANIA) Basic ferrous product 7,519 Australian Gas Networks (Vic) Australian Gas Networks Holding Gas supply 7,487 Opal Australian Paper Maryvale Mill PAPER AUSTRALIA Pulp, paper and paperboard 7,041 Moolarben Coal Mine MOOLARBEN COAL OPERATIONS Coal mining 4,609 Jax Mine Jax Coal Coal mining 4,082 Baralaba Coal Mine BARALABA COAL COMPANY Coal mining 3,841 CTC WA Facility CENTURION TRANSPORT CO. Road freight transport 3,527 Daunia Mine WHITEHAVEN DAUNIA Coal mining 3,353 South West Queensland Pipeline APA (SWQP) Pipeline and other transport 2,633 Queensland Nitrates Ammonium Nitrate Plant Queensland Nitrates Basic chemical manufacturing 2,382 Mount Pleasant Operations MACH Energy Australia Coal mining 2,304 Dongara Operations ADBRI Cement, lime, plaster and concrete 2,264 Collinsville Mine NC COAL COMPANY Coal mining 1,899 Bell Bay Smelter RIO TINTO ALUMINIUM (BELL BAY) Basic non-ferrous metal 1,770 Source: CER Australia's SMC surrenders 2023-24 t CO2e Facility Operator Sector ACCUs surrendered SMCs surrendered DEN01 Dendrobium Coal Coal mining 40,000 196,075 United Coal Mine UNITED COLLIERIES Coal mining 52,973 190,000 Moranbah North Mine ANGLO COAL (MORANBAH NORTH MANAGEMENT) Coal mining 0 183,699 Mandalong Mine CENTENNIAL MANDALONG Coal mining 32,254 155,043 South Walker Creek STANMORE RESOURCES Coal mining 36,538 132,501 Hunter Valley Operations mine HV OPERATIONS Coal mining 60,000 85,876 APLNG Facility CONOCOPHILLIPS AUSTRALIA OPERATIONS Oil and gas extraction 0 85,774 Murrin Murrin Operations MURRIN MURRIN OPERATIONS Metal ore mining 0 45,593 Kwinana Pigment Plant Tronox Management Basic chemical 0 40,869 Kwinana Alumina Refinery Alcoa of Australia Basic non-ferrous metal 52,729 37,849 Dawson Mine ANGLO COAL (DAWSON MANAGEMENT) Coal mining 24,056 28,862 Wagerup Alumina Refinery Alcoa of Australia Basic non-ferrous metal 37,271 26,498 Phosphate Hill Incitec Pivot Fertiliser and pesticide 0 25,168 Chandala Processing Plant Tronox Management Basic chemical 0 23,215 Cloudbreak Mine CHICHESTER METALS Metal ore mining 8,411 19,262 Solomon Mine FMG SOLOMON Metal ore mining 42,926 19,178 NKW01 Nickel West Kwinana Facility BHP NICKEL WEST Basic non-ferrous metal 62,720 17,666 Coppabella Coal Mine PEABODY ENERGY AUSTRALIA PCI Coal mining 0 15,719 Qenos Altona Manufacturing QENOS Basic chemical 0 13,601 Rail THE PILBARA INFRASTRUCTURE Rail freight transport 4,002 9,163 Angaston Operations ADBRI Cement, lime, plaster and concrete 0 8,968 Western Port Works BlueScope Steel Basic ferrous metal 0 7,642 Otway BEACH ENERGY Oil and gas extraction 22,868 6,935 Multinet Network and South Gippsland Pipeline MULTINET GAS (DB NO. 2) Gas supply 0 4,545 Drake Mine Drake Mine Management Coal mining 2,244 4,082 Iron Bridge Mine IB Operations Metal ore mining 2,414 2,146 Railton CEMENT AUSTRALIA (GOLIATH) Cement, lime, plaster and concrete 0 681 Source: CER Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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