Gazprom Export announces the startup of a second gas auction - now gas will be supplied to the Baltic States.
The auction will be carried out by Gazprom Export LLC in the middle of March 2016. Gas sold at the auction is to be delivered in the 2nd, 3rd and 4th quarters of 2016 to the delivery point at Kotlovka gas metering station (at the border of Belorussia and Lithuania). Also, gas volumes in the Inukalns Underground Gas Storage (Latvia) will be offered. More than 560 million m3 of gas will be offered at this auction.
More detailed information about the auction, conditions of participation and related documents will be published at the corresponding web-page.
This sales mechanism supplements the system of long-term contracts that provide energy security to Europe.
Gazprom Export carried out the first gas auction in September 2015, with gas supplies during the Delivery Period Winter 2015/2016. Addressing the challenges of the evolving energy market, the company tested a new mechanism of sales for gas delivered via the Nord Stream pipeline system. As a result, over 40 deals with 15 clients were concluded, with a total volume of over 1.2 billion m3.
Edited from source by Stephanie Roker
Read the article online at: https://www.worldpipelines.com/business-news/01032016/gazprom-exports-baltic-gas-auction/