Gazprom Export kicks off gas auction

Gazprom Export informed it has begun the biddings within the auction for gas supply to Europe.

The biddings are to be held through four days, from September 7th to September 10th, the company said in a statement.

The bidders will be offered altogether 127 lots with the total volume of 3.24 bcm. The gas will be supplied during the Delivery Period Winter 2015/2016 to several delivery points in North-West Europe, at the choice of the potential customers.

“The European gas market changes constantly and, meeting its challenges, we want to test the new form of trading the gas and see what benefits it can bring to seller and buyers,” Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee said.

This new mechanism of gas sales in Europe will be additional to the system of long-term contracts that provide energy security in Europe, according to the statement.

Image: Gazprom