Gazprom wraps up third gas auction

Gazprom wraps up third gas auction

Gazprom’s third auction for the supply of gas to Europe has been completed, with bidding held from August 31 to September 2. 

As a result of the auction, Russian gas giant is set to sign 11 agreements for the total supply volume of about 2 billion cubic meters of gas, the company’s unit Gazprom Export said in a statement on Monday.

The volumes will be supplied during the winter season 2016/2017.

Like at the first auction held in September 2015, gas was offered at Greifswald, Gaspool and Olbernhau delivery points.

In addition to these points, the gas was offered at Baumgarten and Arnoldstein delivery points, Gazprom Export said.

Elena Burmistrova, head of Gazprom Export noted that the auction mechanism of export gas sales, that naturally complements the company’s existing system of long-term contracts, is a trading model that can be used regularly.

She noted more gas auctions will be held in the future.

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