The auction of Gazprom Export for sales of natural gas for the Baltic States conducted on March 15–17, 2016 has ended successfully. This sales mechanism supplements the system of long-term contracts. As a result of the auction, deals for 80 lots with 6 clients were concluded, with a total volume of over 420 million cubic meters of gas sold.

“We have managed to sell more than three-fourths of the whole volume offered for the Baltics, to earn additional revenues, and to gain valuable experience,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.

“The auction's results demonstrated that a niche for auction gas trade exists, and that this trading scheme can successfully work on the Baltic market too. We are satisfied with the results of our second gas auction, and we will use this model for the other European gas markets as well,” said Elena Burmistrova, Director General of Gazprom Export.