Russian gas giant Gazprom Export will hold an auction for gas to Europe on Aug. 31, Sept. 1 and 2, 2016, the company announced Thursday.
The auction, which will be the third of its kind, will determine the volume and price of Russian gas supplied to Europe for the winter season of 2016-2017.
Gazprom Export launched the auction process in 2015, as a new alternative sales mechanism to the current system of long-term contracts, the company previously said.
The company conducted its first auction on Sept. 7 to 10, 2015 and in total, the company signed deals with 15 clients for a total volume of 1.2 billion cubic meters.
The second auction was held for the Baltic States on March 15-17, 2016 and resulted in deals with six clients for a total volume of 420 million cubic meters.
After the third auction process, gas deliveries will be made at designated delivery points located in Germany's Greifswald, Gaspool and Olbernhau.
In addition, buyers will have an opportunity to take volumes sold at the auction at Baumgarten and Arnoldstein in Austria.
(Anadolu Agency)
