Gazprom Export, the export arm of Russian gas giant Gazprom, has stopped the natural gas auctions on its electronic sales platform because all natural gas available until the end of 2018 has already been sold, a source close to the issue told S&P Global Platts on Wednesday. Gazprom Export launched on August 17 its Electronic Sales Platform (ESP) for physical natural gas sales to European consumers, in addition to supplies under existing contracts. The Russian firm expects the platform “to become an additional mean to optimize supplies of gas,” Elena Burmistrova, Director General of Gazprom Export, said.
Sales via the ESP began on September 20, and according to Gazprom Export data, no auctions have been held since last Friday, November 16. “There are no auctions as all of the gas available in balance has been sold till the end of the year,” the source close to the process told Platts. Gazprom first set a ceiling of 1.14 Bcm of natural gas to be sold in auctions that were planned to run until the end of December this year. Later in the process the Russian company lifted the ceiling. According to Platts estimates, the auction process was halted at 1.036 Bcm sold, just below the original ceiling.