Gazprom Achieves Record ESP Sales in June
Gazprom managed record high gas sales on its electronic sales platform (ESP) in June, the Russian monop0ly's export arm reported on July 10, with the total reaching 4.912bn m3.
The company noted it had also rolled out new pricing and delivery options during the month. It signed its first deals for gas year delivery, at prices linked to a month-ahead price index of the Netherlands' TTF hub. Volumes under these contracts exceeded 1bn m3.
"The result of sales with the use of the new instrument proved the market demand for it," Gazprom Export's director general Elena Burmistrova said in a statement. "Even in the current turbulent conditions the ESP keeps growing, offering new attractive products to its customers."
Gazprom has lost market share in Europe this year, partly because around a third of its sales are still fully or partially oil-indexed with a time lag. This makes some of its supplies uncompetitive next to LNG imports. The company has sought to offset lower contractual volumes by selling aggressively on ESP, having offloaded over 19bn m3 on the platform already this year.