(Bloomberg) -- Australia aims to capture new coal demand as consumers in Europe rush to find alternatives to Russian supply amid the war in Ukraine.
The dash by utilities in Europe, which typically import more thermal coal from Russia than any other country, to add new suppliers has sent prices of the fossil fuel surging. Officials in Australia, the world's biggest shipper after Indonesia, are helping connect producers to markets outside usual demand hubs in Asia, according to Resources Minister Keith Pitt.
“The Australian Government is facilitating access to Australian thermal coal producers to interested parties as they seek alternative supplies from Russia,” Pitt said in an emailed statement. “Australia's coal producers have indicated they are willing to help our friends and allies if they can.”
While initial sanctions on Russia don't specifically target energy, European consumers remain concerned over their ability to access coal from the nation. That's adding to a broader scramble for energy that's propelled oil to gas higher, and seen benchmark coal prices in Europe and Asia surge to records.
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