Gazprom failed to sell gas to Europe at auction because of high prices


The first trading session at the “Gazprom” auction for selling gas to Europe ended without a single deal because of high prices of lots. It was reported by “Interfax” referring to its sources.

The press service of “Gazprom” did not comment the first day of the auction.

“The process can be described only after the result is known, nobody is going to reveal the know-how of how the auction is going”, – said the Vice Chairman of the Board of “Gazprom” Alexander Medvedev.

The auction started on September 7 and will last till September 10. The hosts plan to use it for selling gas for the export through the pipeline “North Stream” at the prices that exceed long-term contracts to supply gas to Europe.

In total “Gazprom” wants to sell 127 lots totalling 3.2 billion cubic metres of gas.